Toronto's spring real estate forecast is looking blustery and unpredictable - much like the season's weather. ronmortgageguy | TheReal_TRREB | DavelleMorrison | JohnPasalis | realestate Toronto GTA realestatenews forecast
suggests an uptick in GTA real estate activity in the second half of the year, when we’ll see an increase in sales activity, heightened competition among buyers, and a renewed upward pressure on home prices.
With that said, there’s no denying that this spring’s real estate market will look different than it has in recent years, especially in the wake of the GTA’s red-hot and record-smashing run that began not long after the term “social distancing” became a common one in our collective vocabularies.“Certainly, we had a record-setting year in 2021,” acknowledges Mercer. “In 2022, the spring market was anything but a pick-up, because we were seeing the initial impact of higher borrowing costs.
“So, for the medium to long-term, this is still a major issue for the GTA,” he says. “If we’re seeing record levels of immigration, and a lot of those people are choosing to move into the GTA and Greater Golden Horseshoe, so we need to provide enough housing in both the rental and the ownership market. In both cases, over the past decade, we’ve seen competition among people who need housing.
When we spoke, Morrison said she was about to show a condo downtown earlier in the day, but got an email from the realtor saying they’d just received a registered offer. “So, I feel that things are picking up right now on the listing side as well as on the buying side,” says Morrison of what she’s currently seeing in the market. But she isn’t convinced this trend will continue into the warmer months.
On that note, she advises sellers that now isn’t the time to wait when it comes to listing their properties. “You’ll most likely get less the longer you wait,” she says. “There’s a lot of mixed messages in the market right now. You have the stats of slumping sales and prices but, on the same note, you’ve got bidding wars. I would say that the housing market is a lot stronger than the condo market right now.
Conversely, he says the market doesn’t see similar activity in the $2M+ market. “First-time homebuyers create the bottom of the pyramid of real estate; says Butler. “If they find it’s not affordable, there just won’t be that much action. It’s very strange but it’s true that a mortgage that starts with a four is just much more interesting than a mortgage that starts with a five. If the fixed rate mortgage environment continues upward, it will be a very quiet spring.
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