Housing Trends in Greater Toronto Area in 2021
Despite the high level of uncertainty created by the pandemic’s early days, the Canadian real estate market has shown major recovery. During March to May, the numbers began to break records. Some may claim that these were just transient rebound effects, but things have turned out far better than expected. For any prospective home buyer or seller, knowing the flow of the market is essential to make the right decision. Read ahead to learn about the housing market and trends in GTA, and how real estate is performing in Canada right now.
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Current Real Estate Climate in the GTA:
In all regions of the GTA, there has been high demand for ownership housing, including both single-family homes and condominium flats. This was spurred by optimism about the economy’s revival as well as low borrowing prices. New listings have trended lower than sales since the peak in March 2021. This implies that people who are actively searching to buy a home are still up against stiff competition from other purchasers, putting upward pressure on selling prices. TRREB Chief Market Analyst Jason Mercer states that “with tighter market circumstances in the condominium apartment segment, this rivalry is becoming more widespread,”. Overall, the real estate market in GTA seems to have recovered well from the pandemic and has struck an upward motion in terms of sales and buys, which remain neck in neck for the time being.
Is it a seller’s market or buyer’s or both?
In the aftermath of COVID-19, the Toronto housing market has seen variations in buyer demand spurred by economic factors, lifestyle changes, and immigration. The condo market in Toronto is currently a buyer’s market, whereas the remainder of the market is a seller’s market.
On a more general note, in 2021, the Toronto housing market is likely to favour sellers, with a sustained supply scarcity and rising prices. In 2021, increased demand, limited supply, and rising prices are observed to have an impact on activity and prices. So if you are planning on listing your house and selling your house in GTA for the best possible price, now is the time! You can leap one step ahead in selling your property with Save Max.
Visit Save Max.com today to get a head start in selling your house in Greater Toronto Area.
What types of houses are currently in trend?
Given the widespread availability of remote work, many Toronto purchasers have chosen residences based on affordability, frequently outside of the city, rather than proximity to their place of work in the centre. As home buyers desire more square footage and green space, as well as reduced density, this migration outside of urban areas has been a prevalent trend throughout various Canadian property markets as well as regions abroad. The types of houses most in demand are:
- Single-family dwellings:
To accommodate work from home trends, Greater Toronto Area developers are modifying their strategy and exploring for home sites further afield. People who work remotely require a separate working space, thus open-concept homes may need to be reinvented. According to recent interviews, demand for low-rise residences has been very strong, particularly in suburban areas of GTA.
- Condominiums:
The Canadian Mortgage and Housing Corporation (CMHC) expects prices in the condo market to soften gradually, albeit availability in some locations has been limited. Interviewees suggested that condo living may need to be reinvented for the future of work and to cater to WFH trends. Extra rooms, improved amenities, and other features are being added to make condos more appealing to buyers.
Key housing trends in GTA:
- Increased affordability due to lower prices:
The affordability of homeowners in areas like British Columbia, Alberta, Edmonton, and Calgary, has improved as property prices have decreased. In Canada’s most affordable areas, such as St. John’s, Regina, Quebec City, and Halifax, there is a high proportion of ownership-capable families. Experts have observed a little improvement in Canada’s overall home affordability picture, with interest rates no longer rising and a still-positive status for household income. You can view the most affordable houses for sale in GTA.
- Need for housing due to WFH systems:
Construction and sales of new homes are expected to surge in key Canadian cities, particularly in the high-rise sector. People moving to more affordable places to manage work from home demands are planning to invest in properties in such areas, boosting the need for more housing availability.
Bottom line:
The events of 2020, as well as the positive emotions of recovery in 2021, have all contributed to a resurgent real estate market in Canada. The current trends in GTA suggest a strong sellers market, and a moderate buyers outlook in certain regions and housing types. Acting on this flow of real estate market shall prove beneficial as the moment may pass. You can visit Save Max today and begin your housing journey, whether you are looking to buy or sell!
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