Home Prices in Toronto Set to Rise by 6.8% in 2018
Written by: Condo Chicks
Posted on: December 15, 2017
As the year draws to a close, the Toronto area is expected to experience an increase of 6.8% in housing prices. The demand for starter homes, in particular condos, is expected to go through the roof and trounce all other categories.
Compared to 2017 where the average condo price has hovered around $844,000, 2018 will see a considerable increase to a projected $901,392. At Condo Chicks, we are committed to securing the best deal both in value and finances on your behalf.
Price Increase Different In Various Canadian Centers
The expected new mortgage rules taking effect from January will have a far-reaching effect across the board. Many move-up home buyers will foreseeably hold off on selling their homes in the current market scene until stabilization. Their inability to qualify for purchase financing leads them to wait in anticipation on the fewer mortgages available.
Given Toronto’s noticeable lack of housing supply, home prices will increase up until when the market fully adjusts to the new mortgage rules. Condo Chicks remains adamantly committed to landing you the ideal home you seek.
Stress Test among the Various Pricing Variables
Since the launch of lending rules by the Ontario Government in April, Condo Chocks has noted the caution with which new entrants are exploring home options. To settle your fears, the high population and economic growth will soon override these and other impediments to owning your Toronto dream home.
Once the health of the economy picks up, all other limiting factors will wither away and pave way for the best real estate prospects yet. We will be here to keep you up to date and help you secure the best real estate deal!
A Series of Initiatives Actively Slowing Down the Market
Commendably, there have been many successful initiatives keeping the market scene. The affordability challenges are now being tackled from many fronts, chief among this being the reviewed Ontario foreign buyers’ tax. The neighborhoods Condo Chicks specializes in are getting an especially fair part of the bargain.
You can expect consistency and the most favorable pricing thanks to our vast knowledge in this industry and market. We foresee a revamped demand for entry-level homes as more millennials troop into the lush condos available.
Multiple Tenant-Landlord Transactions Increasing
Due to a consistent increase in home ownership throughout the year, we have noted with great concern that rental demand is on the surge. Increasingly, you can expect demand to outpace supply as more millennials and immigrants make their way to Toronto’s boundless opportunities.
Most people also prefer Toronto due to the high wages per capita compared to the cost of owning home. Here, you have the chance and ability to expand your financial base compared to other Canadian centers. Trust Condo Chicks to always be on the lookout for the best deal on your behalf.
When do you plan to make your big move? Get in touch with our passionate realtors to have an in-depth understanding of what you are getting into. We look forward to having a fruitful engagement with you and offering you the best of Toronto Real Estate. Cheers!