With 2019 coming to an end many people are wondering what will the next decade look like in real estate? Before we can project what things will look like by 2029 let's first take a look at what Winter 2020 looks like. Here is the data from the past 12 months:
In 2019, we saw a steady increase in the number of sales and sales prices across the board. This is in line with another year of steady growth project in the 2020 marketplace. While we have not quite reached the peak prices of 2017, we are getting close. The major difference now is that our growth is supported by a strong economy and not speculative foreign buyers. If we see a 10% growth this year, similar to 2019, we will likely pass the previous peak prices in most GTA markets.
Next up is the Current Activity in the market. As you can see here, the highest prices in York Region are bundled around Markham, Vaughan and Richmond Hill. These unique markets lie just outside the city with easy access to subway and downtown amenities. Prices start to decrease as you move north given the proximity to the city.
I like to picture our marketplace like a water droplet effect. When you drop something into a puddle of water, you see the waves produced from the centre out. That centre in our case is the Toronto Real Estate Market. As the prices in the city heat up, the waves start to move outward to the suburbs. Prices last year in Toronto were starting to hit record highs once again so be ready to see the same in the suburbs this year.
So what will the next 10 years look like? As you can see here on the graph of the last 10 years, the market has continually gone up. Is there a top? Yes, but only temporary as something expensive today is cheap tomorrow. The average sale price has come up to $400,000 and doubled since 2009 from $400,000 to $800,000. Will the market double again to $1,600,000 by 2029 or will it go up by another $400,000? Our guess is somewhere in between but definitely UP!
Knowledge Broker News
Knowledge Broker is very proud to present a fantastic package of properties. The corner of Main Street and Park Avenue is 180 Main Street, home to the iconic Post Office and Federal Building building of 1914. We partnered with Graham Purvis of Royal Lepage to sell the Landmark building along with 184/186, 188/190/192, and 194 Main Street. To get more information about this opportunity, please visit www.LandmarkOnMain.ca.
Knowledge Broker is participating in the Coldest Night of the Year. CNOY raises donations and awareness for the homeless and vulnerable in our communities. This year on February 22nd, Knowledge Broker is walking in support of CNOY. We are currently collecting donations on behalf of our team and for every donation we receive we will be donating a pair of socks to two local Newmarket charities: Inn From The Cold and Belinda's Place. To donate now, you can click here.
Lastly, this past year Knowledge Broker has seen a lot of changes. At the end of 2019, Jasmine Tordimah joined our team as the new Client Coordinator. Jasmine graduated from Queen's University in 2019 with an Honours Bachelor of Arts in Political Science. Since starting at Knowledge Broker, Jasmine has excelled in implementing new technologies, creating a new perspective in the office, and offering the highest level of service to our clients and business partners.
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below. And before you go, click here to take the Knowledge Broker Quiz and see exactly what we can do for you!