In the last 10-year period, new listings for home sales in Toronto have declined, reaching its lowest point according to the Toronto Regional Real Estate Board (TRREB). The price for buying a house in Toronto is showing an increase across each sector of the city’s real estate market, as demand goes up while supply goes down.

Getting ready to buy or sell a property? Read below for updates on the real estate market in Toronto:

Supply and Demand

Among the different types of homes, the price for detached homes has seen a large spike on an annual basis. However, TRREB ended up reporting the third-highest sales result on record for the month of August 2021. This is mainly due to the fact that demand to own a home remains strong and is expected to continue rising despite price inflation.

The current status of Toronto’s real estate market has maintained the competition between home or property buyers, which results in an annual increase in home prices. While prices for detached homes are going up, prices for condos are also expected to grow. This housing price trend is projected to continue, as supply levels are lower to meet a high demand of homebuyers.

The impact of growth in population on the price of properties

Additionally, as 2022 draws closer and the GTA’s population growth begins to trend back up, the board expects home ownership and rental market conditions to become tighter. With home prices getting higher, plus the aspect of population growth being projected to rise by next year, individuals and families continue to compete to receive a deal on their dream home.

Taking the above information into account, conditions of the real estate market in Toronto can benefit from a combined effort of market players to boost supply levels and help drive prices down.

If you’re planning to sell your home and looking to find a realtor to help you do so, this trend could mean good news for you, as you can receive a higher price on sale. Browse our website and contact Real Pavel today to learn more about selling your property with an expert real estate agent who will promote your listing through advanced marketing tools.

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