As your commercial mortgage broker of choice, we keep an eye on all of the latest trends developing on Toronto’s real estate landscape.
Big Bump
For example, we saw a big bump in the demand and price for different types of condos in the Toronto area last year. That spike was partially due to the fact that single-family homes and GTA townhouses were considered unaffordable.
We’ve been keeping our eye on the market again this year. That said, here’s some predictions for 2019 that we can use to help you get the best mortgage rates.
Condo Sales Level Out
First and foremost, our crystal ball is seeing that condo sales may level out. Even though experts are predicting that this type of demand will slow down in the new year, no one is saying the condominiums won’t still be one of the big sellers in Toronto in 2019.
Still, it’s important to be aware of the supply and demand angle. There are quite a few new developments underway. So many in fact that it’s inevitable that the sales for condos are likely to hit a level this year.
Commercial Mortgage Broker Experts
As your commercial mortgage broker experts, we are also predicting that homes that are priced over $1.5 million will take some time to sell in 2019.
Although there are some headwinds developing against the new mortgage stress test, it looks like interest rates have risen to a point where homes in this particular price bracket might sit on the market.
Rental Units
We are also predicting that rental units will increase their rates in the GTA. Even though many people are turning to condos as a way to break into the real estate market, the tough mortgage requirements and high prices are keeping others in rental situations.
We are predicting that this trend will continue on this year. Remember, we are the commercial mortgage broker that’s keeping an eye on these trends for you.
