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The epidemic did not topple the Ontario property market, and the first buyers who felt that their savings and wages could not catch up with property prices in the past wanted to enter the market because of the low mortgage rate and working at home without having to move to the city center. The real estate industry said that first-time buyers who originally planned to be in multi-city centers believed they could buy low-density houses in suburban areas, but at the same time found that suburban housing prices soared, making them hesitant when buying homes. I don’t know if I can afford it in the future.
According to the Gatong news agency, for home buyers eager to “get on the bus” this year, it may be a long-awaited opportunity to enter the market, or it may be standing at a crossroads where they do not know how to make the best choice. Mak Chien-Lang (Patrick McKinnon), a senior real estate agent, said that before the epidemic, young first-time buyers “wholeheartedly” planned to buy more apartments in or close to the city center, but after the epidemic reached, they began to feel that working from home might become the new normal in the future. They could buy low-density houses in the suburbs instead of buying homes in the city center, resulting in a change in their plans.
He described ultra-low mortgage rates and the increase in housing options on the market as very attractive for first-time buyers to enter the market, but when these first-time buyers discussed buildings in the suburbs or even a long distance away from the city center, it was found that the soaring prices of these suburban buildings were frightening.
According to the local real estate association’s property price figures in November this year, the average house price in the Greater Toronto area rose, with the Durham area rising nearly 20% compared with November 2019; the average house price in Oshawa rose by more than 22.5%; and the average house price in Binton by nearly 14%.
According to the information provided by the Real Estate Association, the average house price in Toronto has doubled from nearly $400000 to nearly $820000 in the past 10 years.
The trend of the property market in Greater Toronto is absolutely good news for owners in the Greater Toronto area who want to sell their former residential buildings. For example, homeowners living in multiple cities can sell their original properties and choose to move to Pak Man flats, or move to low-density houses outside the Greater Toronto area with lower prices.
The real estate sector said that although, according to the statistics bureau, citizens spent less and saved more during the epidemic, the economic haze accumulated as a result of the epidemic, with first buyers in their 20s to 30s, who have limited savings but whose jobs may be lost at any time, which is their biggest worry about entering the market to buy a house.
The sharp rise in suburban housing prices has deterred first-time home buyers. If they want to buy property, they may have to borrow money from their parents and other relatives, or they may have to accept Changyin subsidy to make a down payment, otherwise, they may not be able to buy suburban housing.
