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Ontario’s Real Estate Market & Urbanization

 150 150 Nisha Muire
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Ontario’s real estate market is still in a very health place. Although many forecasts predict that Canada’s real estate sector is heading towards a softening and a dip in housing prices with a rise in interest rates, one of the variables that will actually help keep prices up is urbanization. With the cost of living rising, the time spent commuting getting longer and the wish for a balanced lifestyle becoming more prevalent, younger buyers are trending towards moving back into the city.

There was a time when Toronto families and first time buyers would automatically ditch their urban digs to scout out a home with a yard and for a quieter existence away from the bustle. Not only were they looking for the dream of white picket fences and a haven away from the work-a-day world, they knew that their real estate investment dollars would go a longer way outside the core. Today’s home buyers, however, are eschewing the path of their parents and are increasingly looking to put down roots in metropolitan areas. Favoring a short commute and easy access to services, the younger demographic is keen on staying close to their workplaces and connected to the lives they already know.

The push towards urbanization means that developers are increasingly looking towards plots for building that are close to urban centers. The trend for such housing has also come to Toronto where growing numbers of young families are choosing to renovate their existing property instead of selling for something bigger; they are choosing location over space.

Such a trend is good news for Toronto’s property market as it means that prices will not flatline or fall as is being widely projected for the Canadian housing market in 2015. Should a rise in interest rates occur, it will impact new homeownership as well as affect those with looking to renew their existing mortgages, which will in turn put pressure on housing prices. However, with low availability in urban markets with mixed high demand for residential units, prices are not expected to drop significantly, if at all.

For those interested in urbanization and emerging trends in Canadian real estate, there is a good article over here //pwc.to/11PsNw2 that covers it in a global way.

Canadian Housing Market Outlook 2015

 150 150 Chris
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Real estate in Canada has seen steady growth for many years now. The Canadian real estate market has defied global trends by outperforming markets in other countries year after year. Even after subprime mortgages led to the near collapse of the US housing market in 2008[1] and the dire predictions that Canada’s real estate sector was sure to follow, we continued to post gains in our residential property market. The strength of our real estate sector is due in large part to continued low interest rates, a mortgage market largely insured by the government-funded (taxpayer funded) CMHC and stricter lending practices than in the US. However, according to many experts, the gain train might be slowing. In 2014 the global residential property market was uneven with countries either showing growth or softness depending on the nation’s economy. Canada is one of the countries that came out ahead in this respect, posting housing price increases of 6% year-over-year. While this is a reflection of the country’s average increase, it really is an expression of the strong gains seen in the prime markets of Vancouver, Calgary and Toronto[2]. Short-to-Medium Term Outlook The short-term outlook for the Canadian housing market including the Toronto residential property sector remains rosy but cautious as talk of rising interest rates might dissuade first time buyers from entering the market. However, as interest rates have not yet started to rise, it is likely that those who want to get into the real estate market before the rates increase will do so in the short term. As Toronto is one of the country’s most expensive housing markets, it can expect to see a growth of less than 3%[3], which is less than half of what is projected for the rest of the country. However, given the cyclical nature of the property market, experts are expecting that the upward trend will start to slow and the sector will enter a downward phase in the medium-term. According to Scotiabank’s Global Real Estate Trends Report published on Oct. 9, 2014: “We expect home sales will slow in 2015 and beyond alongside a gradual upward drift in borrowing costs, tempering new and resale prices over the next several years.” While Toronto’s property prices are considered to be stretched in the metropolitan areas, the suburbs and the larger Ontario real estate market have a more moderated outlook as valuations have not yet been saturated by accelerated growth. However, given the attractiveness of living in the urban centre and the desire by many new home owners for a shorter commute to their workplace and a distinct trend in leading a “green lifestyle” by living and working within walking distance of all services, don’t expect housing prices in Toronto’s core to drop by very much either in the short term or the long term. [1] //bit.ly/1y55APD [2] //bit.ly/1z9uEad [3] //bit.ly/1z9uEad

Toronto Real Estate

 150 150 Nisha Muire
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Toronto real estate is one of the hottest commodities in Canada. Despite years of negative predictions from economists as to the sustainability of the Ontario home sale market, housing sales have defied the naysayers and continued their upward trend. With interest rates persisting at record low levels, greater numbers of first home buyers are able to join the ranks of proud home owners. The demand for housing has fueled a thriving and profitable market that continues to expand. Naturally when it comes to home buying and selling, consumers have a lot of questions that need answering and require a lot of guidance – especially if new to the game.

Imaginahome has been an integral part of the Toronto real estate industry for over a decade now. We have watched the housing market grow and change from the inside. We have access to information and professionals who can answer any question you might have. We realized through our daily contact with agents and home buyers and sellers that there is a real need for information regarding Ontario housing and so we have decided to share our knowledge and insight with you.

We will begin by posting bi-weekly articles related to the Ontario real estate market. We will discuss everything from buying your first home to flipping your fifteenth property to creating a realistic budget so that you can easily maintain the lifestyle you desire even after purchasing your residence.

Topics that we will cover include:
– Different Neighbourhoods
– Home Buying
– Home Selling
– Real Estate Trends
– Home Renos
– Creating a Green Home
– Landscaping

And so much more… As we move forward, we will also add a section where you can Ask An Expert; where you will be able to ask a realtor your question and we’ll get a Toronto real estate industry professional to answer for you. We’ll also post interesting news related to the real estate market in Toronto and the rest of Canada. In short, if it affects you – you’ll know about it!

We are excited about sharing what we know with you. We enjoy all things real estate and we are thrilled to be a in a position to help others. So, visit us often for the latest news and articles. Don’t forget to leave us comments so we know what you think and how best to serve your needs.

– The Imaginahome Team

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