Toronto 2017 Real Estate Predictions
Obviously, I have no magic 8-ball, and these are just predictions about the coming year in Toronto based on lots of market research. Text me to chat about them!
1. Prices are still going to go up. This may not be true for the country but home scarcity in the GTA will keep prices high.
2. Scarcity of homes available for sale will continue. I have many desperate buyers right now. If you are thinking of selling now is a great time!
3. Interest rates will continue to rise. Here at Johnston and Daniel, our financial advisors have talked about rates doubling in the next five years. Talk to your lender about how you can best weather this increase. If you need help, I know a great mortgage specialist!
4. As people get pushed out of the detached homes market, condos, townhouses and even semis and rentals are going to get even more crazy.
5. Outside the 416, prices are going to keep on increasing. The extension of the 407 will make commuting longer distances more appealing.
6. There is a proposal to shift some of the mortgage insurance providers risk onto lenders. If this goes through and it looks likely, it will make borrowing tougher for buyers.
7. For people with a large down payment, real estate investment will still be popular and lucrative. Always talk to your financial planner – I know a great one!
8. As children finish university, more and more parents will be using the equity in their homes to help them into their starter condos. With the way the market is going, with the GTA now being the 13th most expensive city in the world to live in, for many kids, their parents help is their only hope of ever being able to afford a home here.
In these difficult times for buyers, it’s important to have an agent who’s on it. Text me to chat about your situation and how I can help!