Riocan living . House prices in Toronto are expected to continue to rise this year! Condo increases remain in double digits. The number of residential houses traded through the computerized multiple listing system (MLS) in the Greater Toronto area is expected to be 85000 to 95000 this year.Please Visit: Riocan living to Get Your VVIP Registration Today!
According to the annual forecast of the Toronto Real Estate Association (Toronto Real Estate Board,TREB, the average house price will still rise slightly this year, and multi-storey condominium buildings will continue to maintain double-digit growth.
According to the report, detached houses are the first choice for home buyers, with 47% of people wanting to buy independent houses, followed by multi-storey co-managed buildings. 27% of prospective buyers in Toronto plan to buy Condo, while only 22% of people in the periphery are interested in buying multi-storey condominium buildings.
Salinos (Tim Syrianos), chairman of TREB, reviewed the real estate market in 2017 and said that the real estate market brought economic benefits of nearly 7 billion yuan to most districts. Last year’s transaction volume broke a record in the first quarter, but then fell under the influence of the provincial government’s new policies. the increase in trading in the fourth quarter was not only due to the diminished influence of the provincial government’s new policies, but also did not rule out the possibility that buyers would enter the market ahead of the new home loan stress tests implemented by the federal government this year. The annual turnover is 18% lower than the historic high in 2016, but the average house price is still 12.7% higher.
The report points out that market conditions in the first quarter of this year are certainly not as good as last year’s record-breaking peak, especially affected by the aftermath of provincial government policies and stress tests on new home loans, but trading volume will become more active at the end of spring and summer.
A study commissioned by TREB, a pollster, found that people are less willing to buy their own homes, with only 26% of respondents planning to buy a home within this year. The number of first-time home buyers has dropped even more sharply. In the fall of 2016, more than 50% of prospective buyers were first buyers, but now it has dropped to 41%. TREB refers to the high flexibility of the first buyer, who can continue to rent or live with his family, and change the type and location of the house according to the price and loan situation.
Opinion polls show that 26% of people who plan to buy homes think that they cannot afford to buy ideal homes, but will try to get a down payment or choose other housing types and locations to cope with the new loan requirements.
Jason Mercer, director of market analysis at TREB, said basic factors such as increased immigration, new jobs and low unemployment are driving demand for housing, but in the short term, higher interest rates and federal and provincial policies are discouraging home ownership. The province’s rent control measures will further affect the supply of rental flats, causing the increase in average rents to exceed the rate of inflation.
