Toronto isn’t the only city in the GTA with housing market woes it seems.
A CBC report reveals that a property in the Chinguacousy Road and Bovaird Drive area recently sold for $756,000, a whopping $206,000 — or 37 per cent — over asking.
The house on Farthingale Crescent was viewed over 500 times and had 82 offers on the table.
For the realtor that sold the home, it was an unprecedented occurrence in his 27 year career.
Brampton hasn’t remained unaffected by the GTA’s low supply of housing and its ballooning demand. In 2016 house prices in the city rose a whopping 27 per cent.
New housing developments are rising all over the city, but not enough to keep up with the amount of people on the market, especially those looking for more affordable options.
House prices are expected to keep rising in 2017. Currently the average price of a detached home in the GTA sits at a little ver $770,000 according to the Toronto Real Estate Board. That number is expected to rise to $820,000 by the end of 2017.