Chris Lepsa Hi-Tech Home Selling System

Amid low supply and soaring demand, the average price of a resale condominium in Toronto hit $558,000 in the first quarter of 2018, up from $510,000 during the same period last year. At those prices, homebuyers would need an income of at least $100,000 in order to satisfy the lending standards for gross debt service ratios as well as tougher mortgage qualification rules introduced by federal regulators in January, Hildebrand found.

Good times to buy a detached if you can afford any and maybe voluntary restrain time for sellers. Detached homes in Greater Toronto logged another bad report, according to the Toronto Real Estate Board (TREB). The benchmark price of a detached home is now $909,300, just 2.33% higher than the same time last year. Sales have declined by 13.6%, and active listings have increased by 237%. More inventory and less sales, probably means you won’t see soaring prices anytime soon for detached. Different story for condos.

If you want to see the future of the real estate market in GTA you need to follow Vancouver's market where in September "The average price of detached houses sold in Greater Vancouver hit $1,666,284 last month, up 8.7 per cent from a year earlier, though September, 2016, was the first full month after the foreign-buyer tax dampened the enthusiasm of non-Canadian residents for detached properties, industry observers say. The average price of condos jumped 22.7 per cent year over year to $673,615 and the average price of townhouses rose 19.5 per cent to $886,396.". With the actual prices in GTA there is a better opportunity for profit in GTA. Condo prices will continue to go up because the supply is tight but the demand is increasing, there is nothing else affordable and even condos are not easy to buy anymore.