Cold weather tends to slow things down, and we certainly have that in spades as of January 2018.
The Mellenials are getting more and more press, with the main group of them, known as "Peak Milennials”, now making up a big part of the first time homebuyer market. In the Toronto market, Peak Millenials are often targeting condo’s, due to their affordability, compared with detached homes. Baby boomers are also more and more heading for condos as a means of downsizing the complexity and maintenance of their homes, and freeing up money for lifestyle changes (mainly travel). As a result, in the GTA especially, we’re becoming a “Condo Nation”.
Of course rising interest rates (another rate hike was announced today) and the forecast for addition increase in 2018 and 2019, will make it interesting.
The level of available homes for sale, known as “Inventory” is low but will improve as we move into spring which will make buying a bit easier.
Another factor affecting the Burlington/Oakville market is migration from other Canadian provinces. The GTA is where the jobs are so we’re expecting that trend to continue to put upward pressure on our home prices.
Lots to take in, but when you look at the marco economics, homes in the GTA are still considered by buyers across the globe to be very affordable, believe it or not, and that view, coupled with security, multiculturalism and economic prosperity will make this area a great investment for real estate for the foreseeable future.
See what Royal Lepage CEO Phil Soper and others are saying: