In 1972 the average home price on the Toronto Real Estate Board was $32,513.
In 1985 the average home price on the Toronto Real Estate Board was $109,094.
In 1995 the average home price on the Toronto Real Estate Board was $203,028.
In 2006 the average home price on the Toronto Real Estate Board was $353,724.
Every decade the media said, “Prices have reached their peak, our children will not be able to
afford to buy homes.” They were wrong.
No one knows how high the prices will go. But at the
minimum, they will follow the rate
inflation. If the inflation rate stays at 4%, today’s average home
priced at $353,724 will sell for
$523,597.93 in 10 years. Think that’s crazy? Look above! In 1972
everyone thought $32,513
was an outrageous price for a home in Toronto.
Real estate is a great long-term investment, and we should all buy more of it!
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2007 Best January in the History !!!
The year got of to a fast start with the sale of 5,172 single family homes in January, making it the best January in the history of the Toronto Real Estate Board. The number of sales was up 13% over last January and up 6% over the best previous January in 2002. There seems to be no doubt about it, we are in for another great year in the real estate business. The real question is, “Why not!” Here are the facts. Canada announced its immigration policies several years ago. They estimated that 200,000 new immigrants will be allowed into Canada each year until 2015. That’s exactly what has been happening. The majority of those new immigrants end up in Ontario, with the GTA being a focal hub. No surprise to any of us. These new immigrants, for the most part, have committed to buy homes and open businesses. This, combined with a strong economy, low interest rates and reasonable real estate prices has kept and will keep our real estate in demand and increasing in value over time.
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