Will Toronto and GTA Housing Markets Crash
Thursday Mar 09th, 2017
At least once a week for the past year I've been asked my opinion towards the housing market in Toronto and the GTA.
Homes for sale in Toronto and the GTA are scarce and the houses that do get listed are quickly pounced on by eager buyers with multiple offers. Often times these multiple offers on the same property lead to bidding wars driving up the final sold price. According to aglobalnews.castudy the average detached home price in Toronto is up by 32.3 percent to a hefty $1.35 million.
This often being discouraging news to many new home buyers that have tight budgets, the Federal government of Canada and the provincial government of Ontario helped by implementing great programs to assist first time buyers. These are being used to help get them into the Toronto's real estate market and launching them into their new lives away from nests, for information on these programs lookhere.
So back to the big question being will Toronto and the surrounding GTA crash?
No one has a crystal ball on this however I for one am not expecting any sort of 2008 housing market collapse, Toronto and GTA real estate market are high in demand not due to speculation but for great real estate fundamentals. Toronto and GTA areas such as: Mississauga, Brampton, Vaughan and Oakville are great places to live and start families with good jobs, great schools and clean environments.
This however does not mean housing prices will indefinitely rise at rapid paces, house price increases will be dependent on the economic cycle the areas and country find themselves in as well as the flow immigration to them. At the moment Interest rates are low and we find our peaceful country with open arms to many friendly migrants. These are prime factors leading to current prices being pushed up. The future is unpredictable however if you ask me Toronto and surrounding areas such as: Mississauga, Brampton, Vaughan and Oakville will not crash they may only face temporary slowing due to normal economic rules and factors.
If you or someone you know is looking to buy, sell or rent any real estate in Toronto or the Greater Toronto Area (GTA) contact me: