by Nutan Brown
on Friday, January 3rd, 2020 at 10:50am.
As 2019 comes to an end, we look back on a year of resilience for housing markets across Toronto and the GTA. Not only did sales numbers stabilize and resume an upward climb, but prices also demonstrated some strength and sustainability.
Leading real estate experts are expecting this trend to continue into the new year. Royal LePage forecasts a 4.75% increase year-over-year to the aggregate price of a home in the GTA. The median price of a condominium and two-storey detached home are expected to rise 6% and 4.5% year-over-year respectively.
The positive forecast is supported by strong immigration numbers that are likely to maintain a sustained demand in Canada’s most populous housing markets.
Tight market conditions influenced by low supply and a growing population will continue to favour home seller’s in the Toronto region.
Young families looking to move into a larger home will find it difficult to purchase a property they can afford. The First-Time Home Buyer Incentive may benefit single first-time condominium buyers, especially in the greater region, but it is unlikely to benefit buyers looking for a property suited for a family.
Meanwhile just outside of Toronto, the Mississauga and Brampton housing markets recently described as “sizzling” by the Toronto Real Estate Board have a shortage of housing and are reported to already be feeling the impact of the soon to be built Hurontario LRT.
If you have any questions about the Toronto housing market in 2020, or if you are looking to buy or sell your home this year, please feel free contact me for some professional guidance and friendly advice!