Evaluating Your Portfolio in an Uncertain Market – An eBook for Lenders of All Sizes
Ontario Market Boom Extending Beyond the GTA
The real estate market boom all started in Toronto. This in turn pushed people out to neighbouring townships like Durham, Vaughan, York and Peel regions, covering cities that have exploded like Pickering, Ajax, Whitby, Markham, Richmond Hill, Thornhill, Maple, Woodbridge, Brampton, Mississauga and Oakville. The result has been that these markets have also gotten very hot, making purchasing a home outside of Toronto that much more expensive.
The expansion of GoTrain service providing commuters quick train service as far west as Hamilton and Kitchener, as far north as Barrie, and as far east as Oshawa, has resulted in homebuyers migrating out to cities like Hamilton, Barrie, Bradford, Innisfil, Orillia, Newmarket, Oshawa and other towns outside of the traditional GTA. This has made it that much more viable for people to buy further outside of the GTA while sustaining employment in the GTA.
For example, a smoking hot market in Barrie, which is the furthest stop north on the GoTrain’s northern route, has been making headlines this year. Recently reported in the Toronto Star and according to the Remax Spring Trends Report, Barrie’s average house price increased by a whopping 39%. Only Durham region had similar results. Barrie Kitchener-Waterloo was also mentioned in the article.
According to the Barrie Examiner, homes have sold for more than 468,800 this past year vs a $365,000 average in 2016. These are big gains. Read more on the Barrie market here: http://www.thebarrieexaminer.com/2017/04/25/barries-hottest-house-prices.
Hamilton has also been making headlines. In an article earlier this year, the CBC reported that when Toronto home prices rise 10%, Hamilton prices rose 14%! That means Hamilton is seeing bigger property appreciation than Toronto. You can check out more on that here: http://www.cbc.ca/news/canada/hamilton/when-toronto-home-prices-rise-10-hamilton-rises-14-report-1.3949548.
Paying attention to trends like this enables you to seize the day! These are valuable opportunities when it comes to deciding where to heavy-up on your marketing efforts. Many GTA mortgage brokerages are doing just that. The beauty of technology and electronic document signing is that a mortgage broker can largely service a deal remotely, making it less relevant whether or not the brokerage is located where the applicant is.
The boom in these areas doesn’t simply raise the opportunity to arrange the purchase financing, it also means more opportunity for promoting refinance mortgages. Increasing property values mean more equity, which means more refinance opportunities for you.
Interested in expanding your reach outside of the GTA? Purview has the tools that make it easy.
Find out more by visiting www.purview.ca.
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