The Pandemic Piggy Bank and Cheap Money
Over the past year, we've witnessed many of our clients decide to take a leap and start living the life they thought was in their future, now.
Spurred on by being untethered to a physical office, a need for more space, cheap money (aka low mortgage rates), and reduced expenses from a life with no travel, no dining-out, and no whatever-else-you-like-to-do-for-fun, there is suddenly surplus cash-flow (aka the pandemic piggy bank) and it is all fueling a soaring real estate market.
In February the average price of a detached home in Toronto's 416 rose 13.2% to $1,684,073, the average price of a semi-detached rose 9.7% to $1,324,244.
Taking a leap doesn't mean the same thing for everyone. It might be updating the home you're in with a fresh coat of paint, a pool for the backyard, a kitchen update, a garage conversion for a home gym or simply decluttering from the rugged years of a growing family.
Or it might be.
A fresh start. Downsizing out of the family home or moving to a home with more space. One thing we have learned from a full year of pandemic living is that we need our homes to work for us, like never before, and that perhaps living the life that you thought was in your future might as well be right now. If you want to dig in and talk about what's possible, we have an all-access pass to trades and the Toronto Real Estate market and we would love to help you make smart investment choices for the home you're in -- or the new one you dream about.
