If you're thinking about purchasing a house, now is the time.

Home prices have increased over the past 25 years - but they won't be this low again anytime soon.

Take advantage of the lowest rates for houses in over two decades.

It was the year that Prince Charles as well as Diana Princess of Wales divorced. Macarenalanded at the top of Billboard's Hot 100 Singles and Braveheart was awarded an Oscar in the category of Best Picture. What about houses? You can buy one for $200,000, which is the amount needed for a typical priced home in the present.

Based on the Re/Max Canada Quarter Century Market Report the median price of a home located in the Greater Toronto Area (GTA) in 1996 was $198,150. In 2021 the average cost was $1,095,475. This is a staggering growth of 453 percent and an annual rate of growth of 7.08 percent.

My family and I moved into the house we call home today in the year 1996. It was located in Brooklin the village of Brooklin in the north of Whitby. Being aware that the value of this house has increased significantly is rewarding on the one hand, and reassuring on the other.

As a lot of parents, we fret about how our children of adulthood will be able to cope when it's time each to buy a home that is their own.

The Re/Max report examined home-buying activities within the 9 Toronto Regional Real Estate Board districts that form of the GTA: Toronto East, Toronto West, Toronto Central, Durham, Halton, Peel and York Regions, and Simcoe and Dufferin Counties. It concluded that the gains were driven by the rapid growth of population as well as land scarcity, along with low rate of interest.

Between the years 1996-2021 between 1996 and 2021, more than two million homes swapped for cash in the GTA. Re/Max president Christopher Alexander describes the performance of the housing market during the past 25 years as "nothing short of extraordinary."

Communities with starter homes were affordable alternatives for the city. In conjunction with the new and planned development of GO Train service and construction of Hwy. 407, they attracted a lot of new buyers to towns such as Milton, Whitby, Clarington, East Gwillimbury and Innisfil Re/Max notes.

"In the past seven years there was a period of calm from two quarters of 2017 to the end of 2019. However, people are really increasing their interest in owning real property. I believe that Canadians are extremely smart and know that we face a supply problem in the present," says Alexander.

"There's been lots of discussion about increasing immigration, and the smart Canadian examines it and as if they're saying, "We're going to encounter supply issues, but interest rates are low, and we're seeing many people coming to Canada and I am convinced of the long-term health benefits of owning real estate , and its equity-based benefits come with it.'

OSHAWA STILL AFFORDABLE

With a limited amount of land available to build on in the 1990s, the focus has shifted towards high-density houses instead of freehold. Condominiums in the land-locked Mississauga are now a significant portion of two sales. Meanwhile, new condo developments are being scheduled and planned in Brampton, York Region and Pickering's City Centre.

In terms of affordable housing within the GTA, Alexander directs potential buyers to Durham Region communities east of Pickering and the City of Oshawa in particular.

The median price in Durham hit a record of $1.23 million during February, which is a 37.2 percent increase over the same period last year According to Durham Region Association of Realtors.

In the average, a detached home was worth $1.38 million and a semi-detached house bought for $1.075 million, and townhouses brought in around 845,000. Oshawa is the most accessible city in Durham where the median price of a house was $1.1 million for February. A detached house raked in $1.2 million A semi-detached property was that was sold for $958,000, and townhouses accounted for $774,000.

MUST BUILD MORE HOUSES

The month of December was when Royal LePage issued a forecast that projected the aggregate cost of a house within the GTA will rise by 11 percent during the 4th quarter in 2022 in comparison to the same quarter of 2021 "Everywhere we look, even in our largest cities, as well as in our smaller cities and towns of medium size there aren't enough new homes being constructed at a pace fast enough to meet the demand for homes," the CEO and President Phil Soper.

The Ontario administration's Housing Affordability Task Force is insisting on more homes. "House costs in Ontario have nearly tripled over the last 10 years and have grown much more quickly than income. This has put homeownership impossible for many first-time buyers in the province and even those who have well-paying work," it says in an article published recently.

Call today to speak with one of our housing specialists about buying a home before prices go up again!

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We understand the local housing market. We understand what you're looking for. We have access to inventory that nobody else does. This is why so many customers come back to us time and time again.

Finding your dream home is easy when you work with Team Arora.