What are the Predictions for Toronto’s Real Estate Market this Summer?
As we slowly get closer to summer, many Torontonians are wondering what they can anticipate regarding the real estate market. In recent years, the real estate market has been on an unprecedented streak of continually becoming more expensive and difficult to acquire a home. Factors that have propelled this forward have been low interest rates, soaring demand for housing, and insubstantial supply. Let’s dive into addressing and examining the predictions for Toronto’s real estate market this summer.?
In the last couple of years, Toronto has seen a significant increase in demand and price. From 2015 to 2022, the average listing price rose from $547,700 to $937,597, which is an impactful difference of 41.58% over seven years. Now that we are starting to go back to the familiar world that everyone is used to, people are hoping for a change in the real estate market.
People seeking properties: With us recovering from the pandemic and it getting closer to summer, people are beginning to consider and have the intention of purchasing a home in Toronto. The Toronto Regional Real Estate Board released its 2023 report, resulting in 46% of first-time buyers having the intent of purchasing their first home in 2023, which is 7% higher than what it was in 2021. Also, 28% of people who were a part of the study are considering buying a home in Toronto in 2023. In regards to this study, it is evident that this summer we can see an increase in property purchases compared to the previous years, as the statistics have shown a significant variation within the Toronto real estate market. Moving into the spring and summer seasons, with the supply not meeting the demand and the competitiveness of the market getting more fierce, there is no better opportunity than now to list your home on the market.?
Growth of competition in the market: Homebuyers can expect competition if they want to purchase a house this summer. In February 2023, we saw 74% of the homes on the market within Toronto sell above asking price through bidding wars and people placing multiple offers due to the scarcity of the market. Houses that were under $1 million a few years ago are slowly but surely getting back to the $1 million mark, if not higher.?
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Pre-Construction Taking Off: This summer presents a prime opportunity for savvy investors to consider pre-construction condos in Toronto. With the city’s real estate market continuing to thrive, pre-construction condos offer a unique advantage for those seeking to invest in prime locations and enjoy the benefits of appreciation. By investing early in the development process, investors can take advantage of lower prices and enjoy the potential for significant returns as the market continues to grow. Furthermore, pre-construction condos often come with modern amenities and state-of-the-art designs that appeal to a wide range of tenants and buyers, making them an excellent option for those seeking to diversify their portfolio. With Toronto’s strong economy and growing population, the potential for investing in pre-construction condos is truly limitless, and this summer is the perfect time to get started.
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