So, what’s in store for the Toronto real estate market in 2019? It looks like continued growth will be the name of the game as people keep on flocking to Ontario’s capital and the largest city in Canada.
Why is this area so popular? Of course, this city is an ideal place for many Canadians to work as it hosts a wide array of industries. As more millennials choose to live and work in the city, employment opportunities are only expected to rise.
Of course, there are other benefits to living in the Toronto area, including the educational opportunities there. The city is home to three universities as well as a smattering of colleges, which means that many young people who call the city home will enter the Toronto real estate market when they graduate. In addition to employment and educational opportunities, the city is unique in that it offers plenty of outdoor activities for residents to enjoy, including boating, kayaking, and sailing. These features are attracting home buyers at an increasing rate.
However, as the largest city in Canada, the Toronto real estate market has had its fair share of struggles. Rising home prices and mortgage rates have made it harder for people, especially young people, to buy homes. While the stress from these high prices seems to be cooling off, it may be too soon to predict the future of the Toronto real estate market. However, industry analysts are projecting that the market will begin to stabilize in 2019, allowing more people to buy homes in the coming year.
These high prices also mean that the kinds of homes buyers are looking for are changing. Oversized family homes were once the standard, but now, that is becoming less common. Millennials and younger people are opting for smaller homes, condominiums, and even apartments as home prices continue to rise. That means investors might be getting creative with how they offer housing options to Toronto’s growing population. And since 700,000 millennials are expected to enter the real estate market in the next 10 years, these changes will likely happen rather quickly.
Home Sales Continue to Drop
Over the past year, home sales have dropped quite a bit in the Toronto real estate market – 16 percent to be exact. At the same time, home prices are on the rise, up by 1.3 percent in the last year. While home sales are expected to continue dropping well into 2019, that doesn’t mean there isn’t plenty of demand as more people are moving into the area in search of employment, entertainment, and a high quality of life.
One thing is for sure: As people continue to move into the city, the Toronto real estate market will continue to grow, and developers will get more creative as buyers look for more affordable housing opportunities.…