Markham Real Estate Statistics

MARKHAM REAL ESTATE STATISTICS

Have you been keeping up with the real estate market in Markham? Property prices have increased greatly compared to last year. Based on TREB (Toronto Real Estate Board) the average home in Toronto increased by more than 25%. That being said, unemployment is a crucial economical issue across the country and the housing market is not showing any mercy to Canadians.

Foreign Buyers in Markham Real Estate

Globe and Mail researched and cited the following, “Property Searches on Juwai.com shows that Chinese buyers, jumped 134 per cent in the first quarter from a year earlier, according to the Shanghai-based company.” As a conclusion they added “The figure tracks the total number of queries sent to the agent, developer, or seller of a Canadian property listed on the website.” How does this effect the marketplace? Let’s imagine you sell lemonade on your street and buyers start coming from different streets. As a seller you will raise your prices. As a consumer who originally purchased locally you may have to look elsewhere. This is the same as foreign investors buying properties here in Canada. This demand will force many Canadians to move further away from the city.

Condominiums become a true living space

Condominiums are the more economical option, they are more affordable.  CityNews made a stated that right now one of the hottest markets in the GTA are condos in the 905 area. The returns and risks are much different between condominiums and houses. The bottom line is you will lose out on a potential larger sized home with property, but in return you will find an affordable living space that can satisfy your family. Before purchasing a condominium it is important to speak to a professional agent.

New Mortgage Standard

The new standard involves a higher down payment. Contact me and I can tell you how the new mortgage rules affect you.

Stephanie Rebello. Real Estate Professional in Markham and Toronto. Century 21 Leading Edge Realty Inc. Brokerage*

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SOURCES:

http://www.trebhome.com/market_news/market_watch/2015/mw1511.pdf

http://www.trebhome.com/market_news/market_watch/2016/mw1602.pdf

http://www.theglobeandmail.com/real-estate/the-market/chinese-investment-in-canadian-real-estate-set-to-increase-in-2016/article29628005/

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2015/12/new-down-payment-rules-time-to-exhale.html