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2016: A Record Year for Toronto Real Estate!

As construction continues at Kingston&Co, our Presentation Centre has been a very busy place of late.  Much like the real estate market!  
We’re meeting interested buyers from so many places, at all different stages in their lives – some people buying for the first time, some downsizing from larger homes or starting families together, some moving closer to the city…  and of course everyone wants to talk about real estate. With so much activity in the Upper Beach it’s clear to see just how much this neighbourhood is evolving, but so too is the rest of Toronto.  
And of course the media is taking note too!    The Toronto Star reports that home prices in the city jumped by 20% in 2016 alone, and further notes that “A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA”.   
Meanwhile, the Globe and Mail explored another aspect helping to keep the market so strong: rental accommodations are getting more and more expensive.  An increasing number of renters are now looking to own properties as a safer and more secure alternative, noting that “condos rented for an average of $2,134 a month in the last three months of 2016, up 12 per cent from a year earlier”.  Apart from the typically greater emotional attachment that one feels for their own home versus rented accommodation, this sort of average monthly rent has many sitting down with their bank or other lender to understand if home ownership might make financial sense. We’re happy to assist on that front as we’ve introduced a number of our Purchasers to the Mortgage Specialists at RBC who, with no obligation, have helped a number of our buyers understand what sort of options are available to them. 
It’s been fascinating to hear all of our buyer’s individual experiences, and we’re understandably proud that so many people have decided to call Kingston&Co their new home.