Super hot. When you hear those two words together you might think they’re being used to describe someone in the music industry or on the silver screen, but these are the ones we’re still using when talking about the Toronto real estate market.
Need some convincing? TREB’s market report for last month backs up this claim with numbers that show prices grew 8.6% year over year here in the 416. It’s all good news and if you’ve been following along and are in the market or thinking about it, you’re riding the wave and hoping for the best.
Still, just before you start asking the questions about how to calculate mortgage payments and what is a mortgage broker anyway, you should have some info on the trends that are fuelling our super hot market.
Here’s just a few of the things that you’ll need to know about to make the right decision.
- There’s a shortage of housing in the GTA. Sure, that’s what’s driving the prices up, but if you can afford it, it’s also the very factor that makes buying a Toronto home so attractive. Simply put, the climate today is all about supply and demand and having the keys to a slice of that supply is a good thing.
- The Land Transfer Tax debates will rage on. While City Hall proposes increases on repeat buyers, a recent poll by TREB reports that 59 % of people in Toronto oppose using the tax to balance a budget.
Finally, look for Millennials to have a bigger influence on the price of a home in Toronto in 2017 and going forward. This generation is entering the home buying years and a time where they want to start a family. Having that big demographic swath forcing itself into the market will have an effect.
