Let’s kick off the new season by taking a look at what the real estate market might hold in store for Toronto buyers in the near to short term.
It is only naturally that Toronto home buyers might be a little cautious about the state of the real estate market right now. All indicators over the last year have pointed to a softening of the market and a slow down in the rise of prices. According to yorkregion.com, the York area saw a decrease in home sales of 23% in 2018 while the cbc.ca reports that home sales in the GTA were down overall by 16% last year. Furthermore the Globe and Mail reported that the slow down in the market would cost Toronto almost $100 million dollars in tax revenue.
So, while 2018 ended on a more sombre note when it comes to Toronto real estate, there are bright spots. The Toronto Star reports that Canadian realtors predict modest price gains in in re-sale home prices in 2019. Instead of the runaway double digit rise in prices we have grown accustomed to over the past decade or more, single digit growth is what we can expect. The basis for this prediction is simple – Toronto is still among the most attractive Canadian cities for new immigrants, and they all need housing. Since the rental market is so expensive, many people would rather put their money into their own place instead of renting.
So, whether you were looking to buy or sell in 2019, there is room for positivity in the market and when you are ready, Imaginahome will be ready to help you meet your goals!
Happy New Year!