Outlook on the Fall Real Estate Market
In the market to purchase a home this fall?
Brace yourself. The fall real estate market in the Greater Toronto Area is not expected to cool down with the temperatures. Many buyers are still competing in tough bidding wars to reach a deal on their dream home. As the demand continues, home prices will likely continue to rise.
Home prices surge
The average price of all home types combined was up to well over a million dollars at $1,062,256, the Toronto Regional Real Estate Board reported. That’s up a whopping 12.6 per cent from July of last year.
And, it’s expected that the market will remain hot for the next few months at least as more people seek to make the Toronto area their permanent living location.
No savings expected in the fall
“This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022,” said Jason Mercer, Toronto Regional Real Estate Board Chief Market Analyst.
Newcomers expected to fuel growth
Part of the growth is expected to be fueled by the current backlog of people seeking citizenship or permanent resident status in Canada.
“A large share of these newcomers will ultimately choose to call the GTA home,” said John DiMichele, Toronto Regional Real Estate Board CEO. “This means ownership and rental market conditions will remain tight with upward pressure on prices for the foreseeable future.”
With no relief expected for the next few months at least, it may be time to change up your game plan a little bit to ensure you get the most value for your money.
Searching for a new home? Let us help!
It’s a challenging market out there, which will continue well into the fall. Many buyers are still struggling to find inventory. At Torlon Realty Corporation Brokerage, even with the tough conditions, we can help get you into your dream home. We offer pre-construction opportunities in the Greater Toronto Area. Currently, we have six units left at Ravines on Main in the historic Streetsville. Join an exclusive community, featuring 26 three-storey luxurious townhome residences – complete residential elevators. Learn more by visiting our broker portal.
When you purchase pre-construction, one of the biggest benefits is you don’t have to worry about getting involved in a heated bidding war – that drives the cost up beyond what is in your budget.
Contact us today
Let us help. Our founders have combined more than 60 years of experience in both commercial and residential sales. We have experts that focus on pre-construction – builder direct representation, development land management, investment property management and retail MLS, exclusive and corporate resale.
If you’re looking to learn more, feel free to reach us at 416-613-1010, or by email at firstname.lastname@example.org.