Cielo condos for sale. Toronto real estate market forecast. The Toronto Regional Real Estate Board’s February housing market report showed that house prices rose 35.9% (the hpi benchmark) in February from a year earlier, reaching a new high of $1.33 million.Please Visit: Cielo condos for sale to Get Your VVIP Registration Today!
Sales of single-family homes fell 16.8% in February from a year earlier, sales of townhouses fell 14.5%, and apartment sales fell 10.8%. Although there are buyers in Toronto, the supply of housing is at an all-time low and is declining. Active listed houses are down 20% from the same period last year, and new listed houses are down 6.6% from a year earlier.
Demand for GTA is so strong that the average unsold time is just nine days, down nearly 38 per cent from 14 days in December. TRREB’s house price chart shows that house prices have risen at an almost vertical rate in the past 12 months, with the price of detached homes rising 31 per cent year-on-year.
While the Canadian economy is expected to begin to recover in the spring, there are still concerns about rising interest rates, bankruptcy and debt burdens for small businesses, rising inflation and gasoline prices, and recession caused by stagflation. Such concerns may deter many buyers from buying property when the market is at its peak. Few people are talking about the collapse of the housing market, but some are speculating about 2023.
Royal Lepage predicts that house prices in Toronto will rise by 11% this year, and apartment prices will rise even more, to 12%. Phil Soper reiterated that the housing shortage in Toronto and Canada cannot be solved overnight. The fact is that the shortage will intensify, and demand will be strong in 2022 as incomes rise and interest rates remain.
What has long been underestimated is the recovery in the United States, Canada and the global economy. In 2021, employment will increase, housing demand will be strong, mobility will be strong, and wages will rise.
Remax predicts that house prices in Toronto will rise by 10% in 2022 to a new level of $1160491.
According to TRREB, the MLS composite benchmark index of home prices has risen by 24.2% in the past 12 months. In November, the MLS home price index (MLS ®Home Price Index) composite benchmark index rose 28.3% from a year earlier. The average house price rose 21.7% from November to $1163323.
GTA REALTORS reported a record 3.3 per cent year-on-year increase in home sales (9017 transactions). However, the number of newly listed homes fell 13.2% from a year earlier.