Experts predict that housing prices in the Greater Toronto Area (GTA) will steadily revive in the near future. Several reports now indicate that sellers of property and homebuyers will equally contribute towards shaking off the previous slump that arose due to various factors such as the stringent mortgage rules, rising interest rates and other reasons. Prices are steadily seen to be increasing in the GTA week in and out as per experts. It will not show up hugely in quarterly pricing figures reason experts but the change is quite visible and will manifest itself soon.
The increase in prices is also indicative of healthier buying activity and increased demand overall in the GTA. Detached homes are also witnessing high demand, particularly on the west coast and this is being forecasted in case of Toronto as well. Home prices could increase by end 2018 in Toronto although sales volumes could remain on the flatter side. Prices will continue to be under pressure and an increase of around 5% should be seen over the next few months as per reports.
Demand will always outstrip supply in Toronto and much of the GTA and this augurs well for the realty market since there will be steady growth in prices and a revival of several housing markets in turn. The luxury real estate market should also witness sound growth over the second half of the year as compared to H1 2018 according to several experts. Aggregate home prices have increased in Toronto and GTA home prices could go up by around 2.1% between the second and third quarters of the year as per other experts.
Prices have come down in Markham and Richmond Hill which have both transformed into buyers’ markets in recent times. Condominiums are a fast growing market category which have seen price increases backed by steadily rising demand in addition to bungalows and two-storeyed homes.