This morning’s real estate news is about single detached homes. They are still at the top of the pecking order – it is what home buyers want, more now than ever. That is according to this OREA study.
The problem of course is that:
1) there aren’t many single detached homes on the market, and
2) developers are building other types of housing at a faster rate.
Notable quotes
- Industry sources agree that the lack of listings — resale and new homes —will continue to be the real estate story next year
- High housing prices are bringing condo lifestyles into the mainstream for more young families.
- Wise investors are looking at older condos because they frequently offer more space.
- Town homes have become the new single
Factiods
- In a city of almost three million people, only 537 detached homes were listed for sale on the Toronto Real Estate Board at noon Wednesday.
- In Kitchener Waterloo there are only 113 single detached homes currently for sale and 30 of those are over $1Million.
Final thought
If you were thinking of buying a single detached home in Toronto, maybe now you’re looking at purchasing in one of the surrounding regions. Here is a link that talks about Whitby, but hey, they could be talking about Kitchener-Waterloo.
