It has been an incredible - and surprising - two years for real estate in Toronto. As stats continue to come in from 2018, we gain a better picture of what we can expect moving further into 2019. These stats are critical if you are planning on moving to Toronto, buying a home in Toronto, or you want to invest in real estate in Toronto.
There has been some great news on the Toronto and Greater Toronto Area real estate front. Some potential buyers were a bit worried about a few changes (ex: stress test), with some actually not qualifying for financing. David Wilkes, CEO of the Building Industry and Land Development Association, has said that “We join other industry groups in calling on the federal government to revisit the stress test and allow a longer amortization period for first-time buyers. And we look forward to working with our municipal partners on removing barriers to development such as excessive red tape and outdated bylaws.” We could not agree more. Changes such as these will only make it easier for first-time home buyers.
Condos, condos, condos. This area, perhaps, was the most surprising area of change in 2017 and 2018. Condo resale prices have increased by an average of 7.3% on a per-square-foot basis in 2018, said Urbanation president Shaun Hildebrand. “Overall, market fundamentals continue to support current sales levels and prices, although greater caution should be exercised with respect to investing in new units, particularly over a short-term time horizon, as current trends are pointing towards slower appreciation going forward.” This means condos in Toronto are still a great investment, as they continue to appreciate. There are some great existing units on the market today, and they are still selling quickly.
Our take-away from all of this is that, although the Toronto real estate market is a little bit calmer than in 2017, property values continue to grow, people continue to invest, and despite “red tape”, people continue to qualify/buy.
Interested in buying real estate in Toronto & the GTA, or perhaps investing in Toronto real estate? Moving to Toronto, or are you part of a Toronto relocation with your employer? The team at MAC Real Estate Services Inc., Brokerage can help you with all steps of the process, from finding a new home, temporary housing in the meantime, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to the GTA, we can help with all aspects of the relocation. We can make moving to Toronto seamless. We are experienced realtors. We know the Toronto real estate market, and can give you knowledgeable advice that leads to exceptional results. We’d love to hear from you, so call us today to book your complimentary private consultation.
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