Word is spreading that the Waterfront Community of West Rouge is a great place to live!
Toronto's housing market posted its strongest performance ever in 2016 with West Rouge proving to be one of its shining stars. The average price of the 260 homes sold on Toronto's MLS in our neighbourhood in 2016 was $791,923, up 20% versus 2015. On average, homes in West Rouge sold in 12 days for 106% of their listed price last year. In comparison, the average price of 113,133 homes sold in the GTA in 2016 was $729,922, up 17.3% versus 2015. These GTA homes averaged 14 days to sell and sold for 103% of their listed price in Toronto's record setting 2016 market.
What does this mean for 2017? The continued shortage of good homes combined with historically low borrowing costs could translate into another challenging year for buyers. From a seller's perspective, higher home values may provide the financial incentive needed to look for more affordable housing opportunities outside of the brisk GTA. Tougher lending guidelines are expected to continue as the Canadian government attempts to restrict over-extension on the mortgage front by buyers anxious to get a foothold in the GTA's hot housing market.
Excerpt taken from West Rouge Waterfront Homes Newsletter by Jill's TEAM - January, 2017