Uncompleted buildings in Toronto in English. It may rise by 11% in the second half of the year. The sharp fluctuations in the Toronto real estate market will not slow or stabilize in the short term unless there are significant changes in the near future and the level of supply can be increased.
According to blogTO, housing affordability across the country is expected to continue to deteriorate for the rest of 2021, although there are differences in value-added housing between different types and locations.
The latest House Price Survey and Market Forecast (House Price Survey and Market Forecast) released by Royal LePage on Tuesday predicts that total home prices in the Greater Toronto area will rise by about 11% in the fourth quarter compared with the same period last year.
The forecast is based in part on observations from the winter of 2020-2021, which Phil Soper, chief executive of Royal LePage, described as “one of the most unbalanced real estate markets in our history”.
In the first three months of 2021 alone, the total price of GTA homes (including all residential types: detached houses, apartments and town houses) rose 13.1% year-on-year to 989961 yuan.
The prices of two-story homes and bungalows rose 13.6 per cent and 15.3 per cent respectively, while apartment prices rose 1.2 per cent across the region. But the median price of an apartment in Toronto actually fell 0.6% to 637551 yuan.
However, this trend may not continue, as was the case last time, when home buyers snapped up prices last fall while prices were lower than in previous years, pushing prices up again.
“there is a continuing momentum in the market that continues to put upward pressure on prices,” said Debra Harris, senior vice president of Royal LePage.
“if the market inventory does not continue to increase, this momentum will not abate,” she said. Owners who want to move are reluctant to put their houses up for sale before buying them, because they are worried that there is no ready-made house to buy, and the cycle continues. ”
Both Harris and Soper warn that the expected return of immigrants and students in the post-epidemic period will boost apartment sales and even prices in Toronto and surrounding areas this fall.
“2020 is an unprecedented year for real estate in Canada, with unprecedented demand for housing, rising sales and prices, reaching a new high every month,” Soper said. ”
“the usual winter slowdown does not exist, and this momentum continues into the first quarter of 2021.”