The Toronto real estate market offers a hugely diverse range of home types. Each year, trends shift in the housing market, leading to supply and demand changes across the board. What real estate trends ought you to watch out for in the coming year? Let’s find out.
Finding a Home in Toronto is Not Without Difficulty
Finding a home in Toronto can be difficult simply because of the range of options available to you. Whether you want a chic townhouse to fit for your business in the thriving finance sector, or whether you want a family home in the suburbs, the city has a whole array of overwhelming options. It is therefore advisable to take your time in the choosing. There are luxury apartments for staying in Toronto which you can use to cater to your needs while you decide on your new home and area.
Using a luxury short-term let from an apartment allows you to scope out the school system, learn about where the good amenities are, and research night life. You can use this time staying in a luxury let, treating yourself to the finest accommodation while you find the finest home for your needs. It is also good common sense for the travelling financier.
Toronto Real Estate Trends to Look For in 2024
Toronto has always had a mainly stable, slow-growing real estate market. These trends will tell you if economists predict this to change in 2024.
The Great Housing Shortage
Toronto has a housing shortage. This is because of the steadiness of the sustained growth in the market over time. As a result, Bloomberg report that the housing construction sector is ten years behind what it should be. In 2024, we can expect to see a rise in housing renovations, since these allow builders to create new apartments out of older homes.
The Great Disappointment
Toronto officials tried to rectify the problem when back in 2019 they announced they would turn unused council buildings in the city into 10,000 affordable homes. They did not. The spokespeople blame rising prices, while sceptics remain critical. This may or may not happen in 2024. However, when it does, it will bring that median house price of over $1.2 million down.
The Forecast is for Static
The housing forecast for 2024 looks more of the same. There will be increased demand and reduced supply for the foreseeable. It is possible that new construction companies will provide a slight increase in available homes, optimists say this will lead to a 10% drop in house prices across the city.
Condo Prices will Drop.
The cheapest type of building you can buy in Toronto is likely to remain the condo, which sustainably drops incrementally year on year. There were 6.2% more condos produced this year than in 2022, indicating a marked improvement in housing availability. The average price for a condo is $716, 145, down on last year’s $736, 566. This pattern is expected to continue.
Toronto has a Stable Housing Market
All in all, Toronto has a stable housing market which remains predictable in nature. Perhaps the coming months will prove the economists wrong.