Toronto Real Estate News: GTA homes’ price spike is really a tale of two markets
September 30, 2013
Those who follow the market news know that watching the ‘average’ price across the GTA can be deceiving. As this article from RealNet’s George Carras explains, it really is a tale of two markets. Over the past three years, sales of low rise home prices have gone up 35% while high rise prices have gone up 3%.
Clearly this illustrates that there is more demand for single family homes than there is inventory. The question raised is – are these homes overvalued? I don’t think they are. While it’s unfortunate that many people are being priced out of their preferred neighbourhoods, it’s an open market and the value is being set by the buyers.
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