The Main Principles Of Narcity Toronto: Real Estate - Houses & Rentals For Sale

Toronto's hot real estate market isn't revealing any signs of cooling and a new report explains why. As we have seen from various property reports, home costs continue to escalate throughout Canada. Some believe Toronto's puffed up real estate market is on the edge of popping, however not up until mortgage rates increase and discourage future foreign property investments.

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"Those expecting a slow-down in the Toronto location's housing market will need to wait a bit longer all indicators from the past month's information for October 2021 are showing a market that is really warming up rather than cooling down," checks out the most recent Move Wisely report from John Pasalis, president of the realty brokerage Realosophy Real estate.

Toronto Real Estate Market - Facebook

There are less homes on the marketplace. At the end of October, the Toronto location had just 3,687 homes available for sale, a 56 percent decline from stock levels last year and well below the roughly 12,000 active house listings that are more normal for the month of October, the report notes.

However he argues the strong demand today is different from the real estate demand in 2015 at this time in the first year of the pandemic. "This time last year, the strong need was mostly driven by a surge in home purchasers getting in the marketplace," he says in the report. "This year, the surge in need is coming from investors instead of end users." In  great section on their site , home sales were down 18 percent on a year-over-year basis in October, but still above pre-COVID 19 pandemic levels for October in 2018 and 2019.

A history of Toronto real estate peaks and crashes in charts for Beginners

Condo costs are also growing. The typical rate for a condo in October reached $730,726, up 15 percent over last year; the median price for a condominium in October was $660,000 up 15 per cent over in 2015. Chart by means of move smartly So when will Toronto see a decrease in home rates? While lots of people recommend that a boost in mortgage rate of interest will cause a rate drop, Pasalis suggests this is unlikely in the short-term.