Some are saying that 2017 is the year that Toronto’s supercharged real estate market will start to falter.
A gradual rise in interest rates and stricter mortgage rules are among the factors that could play a role in tempering sales in Toronto steaming hot market, according to Jason Mercer, director of market analysis for the Toronto Real Estate Board (TREB).
While this’ll be enough to make some people put their home-purchasing plans on the backburner, many will simply look for alternative choices. Which makes sense.
“If you were thinking of buying a single detached home in Toronto, maybe now you’re looking at purchasing in one of the surrounding regions or you’re going to change both your home type and the geography you’re looking for,” says Mercer.
High housing prices are bringing the condo lifestyle into the spotlight for more and more budding families.
Matthew Slutsky of online development hub BuzzBuzzHome expects to see more condo market activity in 2017. The range of options in the condo sector is always growing. Slutsky points to mega-developments like Rogers’ M City in Mississauga (6,000 units in 10 towers) and smaller, niche buildings like the Museum Flts in Toronto’s Junction Triangle. And then, of course, there are the icing-on-the-cake options at Stanton Renaissance.
One of the best things about condos is that your living space is multiplied by common areas like gyms and pools—which, incidentally, have longstanding appeal to every type of buyer.
Although condo prices are slowly rising, along with the demand for larger units with outdoor space and a view, you get what you ask for, and the any home in the GTA is a wise investment.
While several years ago there were a record number of condos under construction according to Mercer, had there been fewer units on the market, the high-rise segment may have been cornered into being just as tight as the market for detached, semis and townhouses.
Still not convinced? Here’s one more reason that now’s a great time to invest in your future condo life:
Starting January 1, 2017, in an effort to help first-time homebuyers—but not hurt the equilibrium of housing markets outside of Toronto—the Ontario Liberal government announced in November that they’re doubling the first-time homebuyers’ maximum Land Transfer Tax (LTT) refund to $4,000. Translation: eligible homebuyers in Ontario would pay no LTT on the first $368,000 of their home’s purchase price!