Why 2017 Will Be Another Hot Year for Toronto Real Estate
2017 Will Be Another Hot Year for Toronto Real Estate
The Toronto real estate market just gets better and better. Here's what's in store for 2017, and why now is the time to jump in.
Keyword(s): toronto real estate
Whether you're looking to sell or buy into the market, 2017 is looking to be another great year for Toronto real estate.
The market has been hot for a number of years now, with 2017 predicted to be the third year in a row with over 100,000 house sales. Plus, the average price of a home is due to grow 10 and 16 percent to $825,000.
So what's driving this massive growth in the Toronto real estate market and sustaining it for so long? Read on to find out.
Massive Demand is Powering the Toronto Real Estate Market
Despite the massive sales predictions, experts are predicting that a lack of houses on the market is driving up prices.
The demand for housing in Toronto is so huge that even with steadily climbing prices and downpayment requirements, people are still competing to get into the market.
Low-Interest Rates and Government Programs are Helping Home Buyers
For years, interest rates have been at rock-bottom, making it way easier for buyers to get into the Toronto real estate market. This has contributed massively to the housing market boom.
Plus, government programs such as the first time home buyer credit have made it a lot more affordable for new buyers to enter the market. Many people who had previously only considered renting are making the jump to purchase their first home.
Vancouver's Market is Slowing Down
The Vancouver housing market, which has been so hot for so long, is slowing down.
Whether this is because of the foreign buyer's tax or for more complicated reasons, the real estate frenzy on the west coast has begun to cool slightly.
As Vancouver's market cools, Toronto's just keeps getting hotter.
Condo Purchasing is Driving Growth
It's no surprise that Toronto's condo market has been growing with incredible speed. The city skyline has been dotted with cranes for years now, with new condos springing up seemingly overnight.
By increasing the population density in different parts of the city, condo sales are helping make up for the lack of supply of housing. They're allowing more and more buyers to get into the market.
Migration and Immigration is Pushing Toronto's Rapid Population Growth
Toronto has long been Canada's biggest city, but in recent years its population has been growing rapidly. Much of this can be attributed to immigration, both from other countries and from other provinces and cities within Canada.
For example, the downturn of Alberta's oil industry has led many to move to Toronto to pursue other work opportunities.
With the Toronto real estate market so hot, 2017 will be a great year if you are looking to sell your home. The high demand and competitive bidding will make sure you get a good price.
If you're looking to buy, things could be trickier, but getting into the market now is a good investment as prices are projected to continue to rise. Make sure you calculate what mortgage you can expect before you start looking.
For sellers and buyers alike, 2017 will be another hot year for Toronto real estate. Make sure you don't miss out!