Homes and Condo Mississauga

Ontario’s top 6 housing markets: 2007-2017


Despite so many challenges in the past 20-plus years (think of meltdown in technology, 9/11, SARS, the financial crisis of 2008 and the big recession of 2009), the average price of housing in the Greater Toronto Area was (GTA) continued to book successive growth. In the last decade alone, the housing values ​​in the GTA have more than doubled, from $ 376,236 in 2007 to $ 822,681 in 2017 – a revival of 119 percent with a compound annual yield of 8.14 percent per year.

Housing market performance in the GTA were remarkable. At the end of 2007, the GTA posted its best year with both sales figures and average price crushing existing records. However, only six months later storm clouds gathered on the horizon, which brought the financial crisis and the subsequent recession. The market was weak for a period of nine months and the offers started rapidly. In April 2009 the worst was behind us and the GTA housing market flashed on all cylinders.

There have been some bumps along the way, including Kathleen Wynne's Fair Housing Plan that was announced last April, but the market is still good, marked by healthy home purchases and more balanced market conditions. Although current inventory levels are still low, they are far from near-gloomy data reported in the first quarter of 2017, when active listings fell to 7,865 – the lowest level ever recorded, with days on the market hovering around 10.

Single-detached houses experienced some easing in demand, while apartment buildings and terraced houses held the course in the second half of 2017. Given the price valuation for property owned, flats remain the only affordable housing alternative for many buyers. Not surprisingly, condominiums represented just over 36 percent of total home sales in the GTA at the end of 2017. While some starters will sacrifice their location, many are moving to the north, east and west of the city to meet their needs for larger living spaces. Empty nesters and pensioners also end up in the mix, which increases the demand for larger units, especially in walkable neighborhoods. So far, in November, two apartments with apartments have been priced for more than $ 5 million in the annex.

Demand for luxury homes has also increased dramatically in the last ten years, with a peak in 2017 with 3,435 sales that amounted to more than $ 2 million. It is expected that the top segment of the market will continue to grow, as local buyers have benefited from capital gains in recent years, and foreign buyers secure the Canadian ownership of a property.

Looking ahead, strong economic fundamentals will continue to support the housing market of the GTA. The formation of households in the GTA consistently exceeds the national speed of formation. Population growth continues to accelerate, rising by 9.2 percent between 2006 and 2011, and another 6.2 percent between 2011 and 2016. Immigration will play an even greater role in this figure in the coming years as the federal government increases its immigration law to more than 300,000 people a year. Amazon has just put Toronto on the shortlist as the only Canadian market to be considered for its headquarters (HQ2). Tourism has performed its best year, accounting for more than $ 9 billion in 2017. Unemployment rates have dropped to 5.9 percent in the Toronto CMA (December 2017). The International Monetary Fund has just increased its prediction for GDP growth in Canada to 2.3 percent. Canada is the second best country in the world to live, the second only for Switzerland, and Toronto has been ranked by many organizations in recent years as the largest city in the world.

The future predicts good things for housing in the GTA. While food eaten is over, there are still multiple offers, but only at well-priced locations in popular neighborhoods. The vendor's markets remain in place in the 416 grid code, especially south of Hwy. 401, while more balanced conditions have arisen in the 905 area code. By April and May, the traditional spring market should start in 2018. However, the average price is expected to remain at the same level as in 2017, and fluctuates around $ 822,000.

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