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Apr
23
A Landlords Guide through COVID-19
As a landlord you are currently finding yourself amidst an unprecedented pandemic…
Feb
23
Questions You Should Ask Before Purchasing Condo
If buying a condo is on your to-do list, you’ve got to be prepared to ask some…
Feb
01
End User’s Guide to Buying Pre-Construction Condos
Choosing the right place to live is everything when it comes to pre-construction…
Nov
25
First Time Condo Buyers CMHC Guide (2020)
First Time Condo Buyers Guide If you’ve been looking around at condos in the…
Oct
26
How to Find the Best Condo Floor Plan
Condos are available in a number of different layouts and many people want to be at…
Oct
11
Reasons Why It’s So Expensive to Live in Toronto in 2019
There is no doubt that Toronto has become very expensive in 2019. Along with the cost…
Toronto Area Real Estate Market Report for 2022
As the Covid-19 pandemic continues to wind down, it's expected that we may see a huge demand for condominiums in the big cities across Canada including Toronto.
In 2020, at the beginning of the Covid 19 pandemic, many people that owned condos in the city started looking for more affordable real estate and more space. A work-at-home lifestyle quickly took over as a new normal for many white-collar workers. People didn’t have to live close to the city in Toronto condos in order to experience a quicker commute to the office and they started to look further outside of the city proper to find housing.
While real estate agents were getting calls from condo owners 2 years ago that had decided to sell their condos and had them added to the real estate listings, many of the same condo dwellers are now having second thoughts and are considering moving back into downtown Toronto. While not everybody is back at work in the physical office on a full-time basis, many are being asked to return for at least a few days per week.
Some of these condo owners are now stuck in a position where they can’t get back into Toronto condos, however, due to the price increases. Many others, on the other hand, have purchased single detached homes in areas where the price increases were very high and find themselves in a strong position to buy downtown condos in Toronto again if they want.
It will be interesting to see how the shift back into downtown Toronto will play out. It isn’t known whether it will be at the same magnitude as the original exit out and only time will tell the complete story. It’s expected that a lot of people that left will still be working from home on a full-time basis since the entire work industry across the country has evolved since the beginning of the pandemic.
Real Estate Market Predictions 2022
2022 Real Estate Demand
The demand for Toronto condos continues to grow and is gathering steam. The situation is turning into a seller’s market once again for condos in Toronto. As the Covid-19 pandemic continues to wind down, it’s expected that we may see a huge demand for condominiums in the big cities across Canada including Toronto. This is taking into account interest rates that are expected to rise even more as the pandemic recedes.
In 2020, at the beginning of the Covid 19 pandemic, many people that owned condos in the city started looking for more affordable real estate and more space. A work-at-home lifestyle quickly took over as a new normal for many white-collar workers. People didn’t have to live close to the city in Toronto condos in order to experience a quicker commute to the office and they started to look further outside of the city proper to find housing.
At this time in 2020 condos were neither increasing nor decreasing in value but were instead stagnating. During the last 6 – 12 months, however, the activity in the Toronto condos market has been gaining speed across the country and especially in Vancouver and Toronto. There is a new shift happening where people want to get back into these big cities as the pandemic calms down and they return to their workplaces.
2021 Real Estate Predictions
The Market Outlook report indicates that the desire for home ownership will remain strong this year and home sales are forecasted to reach 105,000, which would be close to setting a new record. There is an expected sales growth due to the continued recovery of the economy, low interest rates and more people getting back to work.
GTA Market Report 2022
Across the GTA the prices of homes in the market fluctuated from one area to the next. In Mississauga, there was a year-over-year rise for the average home price in March 2022. The average price in Mississauga was $1,182,424, which was a gain of 11% on a year-over-year basis. On a month over month basis, however, there was a 3.5% decrease. In February this year, the year over year price increase for homes was 23.5%.
In Brampton, the average home price reported for March was $1,310,791, which was a 28% increase based on year-over-year statistics. Oakville experienced a year-over-year increase of 21.6% with the average house price rising to $1,856,258. Over in Markham, there was an increase of 11.3% for home prices with the average home selling for $1,433,264. Vaughn reported a rise of 20% with the average price of homes sitting at $1,548,926 on a year-over-year basis.
It’s expected that the number of new listings in total for single family homes will go up to 160,000, which is an increase compared to the number recorded last year. In 2020, 156,755 single family homes went on the market. Low rise homes, which include detached houses, will experience very tight market conditions this year with sales increasing faster than the new listings this year.
Toronto Stats 2022
The price for condos in Toronto went up to $809,000 on a year-over-year basis. The price of townhouses also increased significantly up to $1.21 million on a year-over-year basis. Condo townhouses were being sold at an average price of $1,087,733, which was up by 25% when compared to March of last year. This means that the market for condos in Toronto was the only type of property to experience an increase in home prices in March when compared to last month. There was a huge spike of 38% on a month over month basis for condos in Toronto.
City Of Toronto and The Greater Toronto Area
The GTA is a powerful economic, financial, distribution and commercial centre in North America and the world.
Explore the Greater Toronto Area (GTA)
The Greater Toronto Area is Canada’s most populated metropolitan area. The City of Toronto and 4 regional municipalities that surround it including York, Peel, Halton and Durham make up the GTA. In all, there are 25 rural, suburban and urban municipalities within the Greater Toronto Area. Almost 6,500,000 people live in this area according to the latest census, which was taken in 2016.
Geography
Burlington lies in the southwest part of the GTA and the region extends across downtown Toronto and Lake Ontario to Clarington in the East. At the most northern tip of the GTA you’ll find Brock, which is located in the Durham Region.
This is a huge area of land covering approximately 7125 km². Lake Ontario lies to the south, the Niagara Escarpment can be found on the west, Kawartha Lakes lies on the east while Lake Simcoe is situated just north of the GTA. It is also a part of the Ontario Peninsula and this region creates the Greater Toronto Bioregion, which is its own natural ecosystem.
GTA Economy
The GTA is North America’s 2nd largest financial centre and generates approximately 1/5 of the GDP in Canada. In terms of business headquarters in Canada, 40% of them can be found in this area. An estimated 2.9 million employees work in the Greater Toronto Area with more than half working in the service sector. The service industry sector provides more than 72% of the GDP of the region.
The 5 big banks of Canada all have their headquarters located in the Toronto Financial District. As well, the Toronto Stock Exchange headquarters can be found within the City of Toronto.
In terms of the high-tech companies in the country, the largest concentration of them can be found in Markham. For this reason, the city has also been known as the High-Tech Capital of Canada. The GTA is also North America’s 2nd largest automotive centre with many big-name assembly plants such as Chrysler, Ford and GM located here along with many Canadian automotive headquarters. In fact, about 10% of the GDP of the region comes from the automobile industry.
Transportation
Residents living within the greater Toronto area have many options to choose from when it comes to public transportation. Some of the public transit operations found within the perimeter of the GTA include:
- Durham Region Transit
- Milton Transit
- Brampton Transit
- Oakville Transit
- TTC (Toronto Transit Commission)
- Burlington Transit
- Go Transit
- Miway (in Mississauga)
- York Region Transit
Highway 401 is the GTA’s major roadway and is the longest highway in Ontario. It is also one of the world’s busiest highways and part of the roadway that goes through Toronto is the busiest highway in volume in North America.
Toronto Pearson International Airport is located in Mississauga and serves the GTA. This is the busiest and the largest airport in Canada with almost 50 million passengers using the airport in 2018.
There is also an important maritime infrastructure located here including the Port of Toronto. This port along with the Port of Oshawa handles anywhere from 2 to 4 million tons of cargo every year. In 2019, it also served 12,000 passengers for cruise lines.
The GTA is a powerful economic, financial, distribution and commercial centre in North America and the world. It has loads to offer to both residents and to visitors and offers a lot of opportunity for employment, relaxation, entertainment and exploration.
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