Real Estate Serving Orangeville, Caledon, Mono, Grand Valley, Shelburne, Mulmur, Dundalk, Amaranth Erin, Whats my house worth evaluation
Before you try to buy your own home, or sell a home, you need to make sure that you know what the market is doing. This kind of knowledge is indispensable for how much it improves your chances of success, so it’s something that you are going to want to make sure you don’t overlook. If you are thinking of buying or selling property in the Caledon area in Ontario, then you will need to bear a few things in mind about the local property market. In this post, we will discover all that you need to know about the Caledon real estate market, past present and future.
First of all, let’s take a look at the state of the Caledon real estate market in the past. There is always a lot that you can learn by looking at the past market of a place, so this is going to be more important than you might at first realise. There are often clues and cues that can make a difference to the decisions you make when you are buying or selling property today – so what has changed in the Caledon real estate market in the past?
One of the best places to look for information is the pricing history. If we look at the pricing history of properties in Caledon, Ontario, we can see a sharp increase. In records from the year 2000, your average condo townhouse in Caledon was selling for around $140,000. At the same time, a freehold townhouse was usually selling for $150-160k. The average cost of a general condominium was the same, while detached homes were averaging much higher, at around $250k in general.
If we fast forward slightly, we can see that the general curve has been what you would expect of a town like Caledon. It only took until three years later, 2003, for detached homes to rise to an average price of $350,000. Around the same time, other property types had increased by about the same amount, with condominiums being around $255k, freehold townhouses at $234k and condo townhouses at $216k.
Let’s take a look now at the current state of the real estate market in Caledon. As we have seen, the prices have generally risen in a pretty steady and healthy way, apart from that one dip. As we also saw briefly, the prices of houses on the market in Caledon have increased in a strong way in the past few years, from 2018 up until the present day. In fact, from mid-year 2018 to now, the prices have risen quite dramatically, and it has been one of the steepest climbs that the town’s real estate market has seen in a long time.
As you might expect, this trend continued on in much the same manner for the intervening years from 2003 to the present day. There were, however, some distinct moments when the price did change drastically, and much of this aligned with national and even global world events. For instance, one of the bigger changes came in 2016-2017, which saw a sharp and sustained increase in house prices across the board. At the start of 2016, a detached home in Caledon was selling for an average of $699k. By the end of 2017, it was around $937.
This is a huge shift, but – as is often the case – it was to precipitate a slight downturn afterward as the market in Caledon and elsewhere started to redress the balance. There was the crash then that followed, and in that time the cost of a detached property in Caledon could be expected to fall to around $879k by the middle of 2018. However, that is still a pretty strong price, and it was nowhere near the low price before the 2016-2017 rise, so the health of the market clearly maintained pretty well.
Since 2018, the market in Caledon has been steadily rising still, and as of yet there have been no other crashes in the same guise as 2016-2017.
In mid-2018, you could expect to pay $881k for a detached house, and $697k for a condominium, with townhouses being around $650k. But today, if you are keen to buy a detached house, you can expect to pay, on average, just over a million dollars for it. That million mark was only hit this year, but there is no reason to suppose that it is going to go down again any time soon. Similarly, if you want to buy a condominium right now in Caledon, the average cost is going to be $819k. For a condo townhouse, it’s $798k. For a freehold townhouse, you are looking at a price of around $745k on average.
In other words, buying a property in Caledon today means a rise of 9.69% on the same time last year, to the tune of an average of around +$74k. Or in other words, around 118% more than ten years ago. This is pretty much in line with the national average.
So, that’s what the real estate market is looking like right now in Caledon, Ontario. But what can we expect for the future, and what kinds of projections are looking most likely right now? The big event of the year has obviously been covid-19, which has affected housing markets all over the world in some interesting ways. In essence, you can expect houses in Caledon to rise in prices by a sharp increase, perhaps even more than in the past few years. If it is going to be anything like the national average – which it does tend to be – this could even mean around an 11% increase on an average house price across the board.
There are still many things that might affect this one way or the other. But one thing is for sure: with Caledon being such a beautiful and sought-after place to live, you can expect the market to remain pretty much healthy for the time being, regardless.