Toronto is the top market to watch in 2019, and for a good reason. Net immigration has hit a 15-year high, leading to a huge housing demand. Plus, Toronto’s construction sector is expected to record growth for the 10th straight year, so new housing options will be springing up. These factors have created a healthy real estate market, but what can you expect in regard to trends? Get the details on expected trends for the Toronto real estate market in 2019.
Buyers Will Keep Getting Younger
Baby boomers ruled the Toronto real estate market in years past, but expect that to change in 2019. Millennials have been popping up on the real estate scene for a while now, but they’re really going to make their presence known in 2019. Many young buyers will purchase their first home this year, while baby boomers are more likely to hold onto what they already own.
It’s Going to Be a Buyer’s Market
Even with the huge demand, houses are staying on the market in Toronto a little bit longer than they did at the same time last year. That’s created a buyer’s market. Buyers have more leverage than the sellers do, and they can negotiate good prices.
If you’re interested in entering the Toronto real estate market, now is the time to put in an offer. It’s expected to be a seller’s market in 2020. Prices will be much higher in 2020, and the homes will likely spend less time on the market. That will put the ball in the seller’s court, so sellers won’t be as open to negotiating.
Condos Will Grow in Popularity
With a limited supply of single-family homes, many people are expected to buy condos in 2019. They are more affordable and available, so first-time homebuyers are snatching them up. Of course, demand could become a problem for condos, as well. The Toronto real estate market is so hot that the demand for condos could go up higher than ever before.
Buying Will Rule over Renting
Expect some people to try to get out of leases so they can buy something on the Toronto real estate market in 2019. While it’s a buyers’ market right now, it’s not expected to be a renter’s market in 2019. Rent prices are increasing, making it more difficult for people to afford to pay rent. Many people will want to ditch their rentals, so they can build some equity with their own home. If this happens, rent prices could go back down in an effort to attract more tenants.
Dive into the Toronto Real Estate Market
Now that you know the trends for 2019, it’s time to decide how you fit in. Are you ready to dive into the buyer’s market? If so, browse through property listings and find something that meets your needs. Then, let a Realtor help you negotiate the price, so you can get the best deal on Toronto real estate. Your Realtor will know how to take advantage of the seller’s market and help you land a deal.