Immigration’s Impact on the GTA’s Housing Market
Home buyers, brace yourselves. It doesn’t look like there will be any relief in Greater Toronto Area housing prices for the foreseeable future. If you’re looking to buy, now may be the time to do so.
Migration expected to fuel housing demand, prices
An increase in immigration paired with high demand is expected to keep prices in the GTA hot through 2022.
Although immigration was initially impacted by the pandemic, according to the governments population projections report, net migration to the province is expected to rebound significantly. It’s projected to increase to 276,000 people by 2021-2022. That’s more than four times the migration from 63,000 the year prior.
GTA will see most growth
Although all six regions of the province will experience some growth over the next few years, not surprisingly, the Greater Toronto Area will experience the largest increase, according to the report. The city is projected to have it’s population increase by 2.9 million people by 2046.
Tighter market conditions
This will add more pressure to an already tightening market, said Kevin Crigger, Toronto Regional Real Estate Board President. Market conditions are more restrictive than last year, with the number of sales representing a higher share of listings, and a significant decrease in new listings across the board.
“With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done,” Crigger said. The lack of housing supply and choice has reached a critical juncture.”
Now is still a good time to purchase
Despite the competitive market, now is still an excellent time to purchase a home in the Greater Toronto Area. As more people choose to make their homes in the GTA, the trend of increased demand and a dwindling supply of homes for sale is expected to continue driving prices higher. Waiting around for lower prices that may never come could cost you a lot more in the long run.
What options are available
At Torlon Realty Corporation Brokerage, we want you to know you have options! We have listings available to browse on our website as well as a handful of upcoming developments in the GTA including 4 housing projects being built in Mississauga and others in Markham and Woodbridge.
Move-in Ready Homes
New listings are available to browse the listings portion of our website: https://torlonrealty.com/our-listings/
It’s no secret that now is an excellent time to consider pre-construction. By purchasing pre-construction, you can skip out on a potentially heated bidding war and invest in a brand-new piece of real estate.
To browse our available developments and ones coming soon, register to our broker portal at https://torlonrealty.com/broker-portal/ and get all the information you need.
Work with us
Purchasing a home may seem like a daunting and overwhelming task in the current and projected market conditions, but there are many options available. We would love to work with you. Our founders, Frank Longo and John Torchia have combined more than 60 years experience in commercial and residential sales.
Leave it to the experts
Our firm has leaders in pre-construction – builder direct representation, development land management, investment property management, retail MLS, exclusive and corporate resale and loss mitigation.
Contact us today to get started at 416-613-1010, or by email at firstname.lastname@example.org.