Toronto, Canada – Real estate listings are on the rise in Toronto and this may be the reason why real estate agents have been working so hard to make the city more appealing to buyers.
The average price for a home in Toronto has increased by 10.6% in the past five years, according to a report from brokerage CBRE.
The average price in Vancouver has risen by 13.6%.
According to CBRE, the average price of a home has increased 15.3% since 2013.
The increase in Toronto is attributed to a growing middle class, a booming housing market and more demand for homes in the city.
“There’s a new group of buyers that are interested in the middle class,” said Stephen Miller, chief executive officer of CBRE Real Estate.
“That’s the middle income bracket and it’s growing fast.”
Miller says Toronto is a desirable place for buyers who are looking for a house that is “a bit bigger, a bit more spacious, and a bit less expensive than a lot of other places.”
“It’s a little bit like buying a car,” Miller said.
“Toronto is a place where you can walk to a gas station, a few stops along the way, and you’re in your own world.”
Miller says Toronto has a booming real estate market and people are buying homes on a more regular basis.
The real estate agent says that has helped attract a growing number of new buyers.
“I think people have been looking for the middle ground between the middle-income and upper-income areas of the market, and Toronto has certainly been a good place to be able to find that middle ground,” Miller explained.
“And now, we have a number of opportunities to expand our service to that market.”
There are currently about 1.4 million home listings in Toronto.
According to CBre, the number of listings in the Greater Toronto Area has more than tripled in the last five years.
CBRE says it has seen an increase in sales volume in Toronto, as well as a decrease in the number.
“The housing market has been good, and we’ve seen an overall increase in our sales volume over the last year or so,” Miller noted.
“I think it’s a positive sign for our business.
We see more people looking for homes, and our listings are getting bigger.
I think that’s a good sign for us.”
The real estate broker says it’s important to be careful about buying a home that is not located in a good area of the city because of the increasing amount of housing supply in the region.
“The area that you live in is going to have to be as affordable as you can make it,” Miller pointed out.
“You can’t just go up to a city and get a $250,000 house for $200,000.”
“The trend is towards smaller house prices,” he added.
“We’re seeing an increase [in] the average size of homes in this city and that’s why it’s really important to know where you’re going to be in a year’s time.”
If you live on the west side of the island, you need a four-bedroom house, so don’t put your money on a five-bedroom,” Miller concluded.
Read more on this topic at The Toronto Star.