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July 2023
Hi and thanks for checking out our latest blog post. We think Toronto really rocks. Here's our July 2023 Toronto Market Outlook.
The hunger and desire for home ownership was very evident in June’s sales activity as 7,481 homes sold on the Toronto Real Estate Board, up 16.5% over June of 2022. Despite the uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates, buyers were out and active and the average home price increased due to the high demand and low listing inventory of homes available for sale.
It seems that we continue to be heading for a perfect storm for the housing market, a storm that will continue to drive prices even higher than they have been before.
Let’s review the elements of this coming storm:
1. A resilient economy that refuses to slow down despite sharp increases in borrowing costs.
2. A serious lack of homes for sale
3. Fewer homes being built as builders slow down construction due to higher borrowing costs.
4. Government red tape slowing building permit approvals.
5. Anticipated population growth with 1,500,000 new immigrants to Canada by 2025.
6. Generation Z (those born from 1995 on, representing 20% of the population) and looking to get out of their parents’ homes and explore life.
As Realtors®, we are constantly asked, “How can people afford today’s prices? Well, to be frank, those who can afford to buy in Toronto will buy. Those who can’t afford to buy in Toronto will buy outside of the city where prices are more affordable. Those who cannot buy will rent, pushing up rental rates.
Unfortunately, demand is out pacing construction. How high can prices go? Just look at New York, Paris, or London to get a preview of Toronto’s future prices.
Our well-considered recommendation has not changed. This is a great time in Toronto to buy a real estate investment property or upgrade your home. If you are considering these options, we strongly recommend that you consider doing it sooner than later.
There is good news! You have friends in real estate! Give us a call and let’s explore your options! Let us use our experience and knowledge to help you and your family!
Have a great July. We're looking out for you!
Cheers,
Carol & Bonnie
Carol Teichman and Bonnie Belfer
Sales R/epresentatives
Re/Max Realtron Realty Inc., Brokerage
Independently Owned and Operated
Call Carol: 416-833-2003
Call Bonnie: 647-233-4549
Email: hello@TorontoRealEstateRocks.com
www.TorontoReal EstateRocks.com