Bremont Homes (www.BremontHomes.com), the Greater Toronto Area’s finest home building company, is responding to a report indicating house prices will continue to escalate through the end of 2017. —
With recent reports stating that detached homes in Toronto have reached an average price of $1.0 million, another report by Central 1 states that home prices will continue to soar. The credit union’s chief economist believes the prices could increase by up to 17% by the end of 2017, provided no major global events occur that would impact home sales. (Source: Pigg, S., “Toronto’s record house prices to rise further by 2017,” The Toronto Star, March 25, 2015; http://www.thestar.com/business/2015/03/25/torontos-record-house-prices-to-rise-further-by-2017.html.)
“That may be good news for sellers and developers,” says Gary Breda, president of Bremont Homes. “But for potential homeowners, this isn’t necessarily the news they wanted to hear. Now, in order to purchase an estate home, home buyers are looking for investment properties outside of the Toronto downtown core.”
According to experts, several factors are responsible for the increase. The most formidable of these factors is the high demand for property in the face of inadequate supply and a growing urban population.
“It’s a formula that’s been ongoing now for about the last decade,” Breda adds. “Everyone keeps waiting and waiting for this ‘bubble’ to pop, but in the meantime, home prices in the Toronto downtown core keep climbing.”
Breda explains that a 17% increase in two years surpasses the rate of inflation. Ultimately, the answer is for potential homeowners to start looking at alternative locations outside of Toronto to purchase an estate home.
“Homeowners now have to decide if it’s really worth it to live in the city,” Breda concludes. “They need to take a hard look at their criteria, especially when large estate homes on oversized 50’ lots are available in areas near Toronto, like Brampton. With housing prices in the GTA still also trending upward, now is the time to purchase an estate home as an investment property they can enjoy now.”
Bremont Homes has already developed golf course estate homes in Brampton in its Kings Manor Estates community, close to highways and transportation services that offer easy access to the Toronto core. For more information on Bremont Homes’ estate homes in Brampton, visit the company’s web site at www.BremontHomes.com.
Release ID: 83712