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June 2023 | Toronto Real Estate Housing Market Update

June 2023 | Toronto Real Estate Housing Market Update

This was the opening paragraph of my newsletter exactly 1 year ago:

“Despite the psychological impact of higher borrowing costs, the whispered fear of the “R” word and supposed experts expounding on the falling sky, 6,474 homes sold throughout the GTA. While this number was down from last year’s record-breaking levels, it shows the continued strength of the market and the consumers’ appetite for real estate.”

Sound Familiar?

We can all agree that the real estate market is in a constant state of flux. One year down and the other up. But the long term trend is always….UP! Can we also agree that the hunger and desire for home ownership is the underlying driver of this trend?

This June’s sales came in at 7,481 homes sold in the GTA on the Toronto Regional Real Estate Board. That is up 16.5% over June of 2022. Even with the continuing uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates, buyers were out and active and the average home price increased again. High demand and low listing inventory of homes available for sale continues to be the headline.

Are we 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 of 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.

And those who can’t afford to buy will be renting. Not everyone can expect to, or perhaps even want to be, owners.

As a Realtor, I am constantly asked, “How can people afford today’s prices?” Well, to be blunt, in the same way I did 45 years ago. We worked hard, saved all we could making home ownership our number 1 goal. We could not afford to buy in Toronto so bought in the suburbs, at that time Thornhill. Today those choices are more like Bradford or even Innisfil, Oshawa and others outside of the city, where prices are more affordable.

How high can prices go? Look at New York, Paris, or London to get a preview of Toronto’s future. My recommendation has not changed over the last several years. This is a great time to buy-in to the market, upgrade your home  or perhaps buy an investment property. From where I sit, it’s the best route to building for the future and enjoying life at the same time. Sure, there will be stress, but I heard it said: “No Pain….No Gain!!”

If you are considering these options remember, you have a friend in real estate! I encourage you to contact me and let me guide you to making great choices for you and your family. Let’s explore your options together! Have a great rest of the summer and remember, I am….

Your Point Man in Real Estate and I am here....

To Make A Difference For You or someone you care about!

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