Real Estate in Toronto: The Housing Trend in 2018
From the statistics available, we can indeed conclude that the year gone-2017, was a strong year for the Toronto real estate market. Even though many industry experts are predicting a cooler start to the year 2018, it is projected that it will pick up again.
Thus, if you are planning to venture into the real estate market in the year 2018, either as a seller or buyer then, you can check the most recent opening to be your guide for what is to come this year. The most visible trend, which can be seen early in the year, is the decline in sales of single-family homes and with it, it is projected that the market will experience a slight increment of condominium sales.
Sales of new condos to remain strong
As it has been with the past years, the sales of new condominiums are expected to remain high or even surpass the past year. Last year we witnessed a tremendous increase in sales of new condos, and this year the trend is likely to continue and the sales might be even higher. It is also important to note that even though consumer demand continues to be high, the people who initially wanted to purchase these structures are gradually being priced out.
Strong land sales
Another trend that is likely to continue into the new year is the increment in demand for land. Experts predict that they are not seeing the demand for land purchase going down anytime soon. But it is important to note that at the moment, the number of sales being made, are pretty much satisfying the demand in the market. Even though the demand for land is across all sectors: residential, industrial and commercial, a lot of interest will be tilted towards high-density developmental areas.
Strong appetite for investment property
There is also a projected increase in demand for investment property. This can be attributed to an increase in migration to the investment areas, hence giving the real estate investors incentives to invest more in the Toronto real estate market.
Thus, if you want to invest in Canada, more particularly in the real estate sector, it is advisable that you invest in Toronto as this is the most sensible direction. As a matter of fact, the commercial property idea is prime as the rents are only going up meaning more returns from your investments.
Rebound of entry-level homes
The past few years have seen real estate investors target both middle and upper-end housing at the expense. This has been occasioned by the regulatory burden, the high prices of land, increased labor cost, which makes it very difficult for them to get returns if they invest in affordable housing. But this trend is about to change because of a lack of inventory and the fact that more Millennials are entering the market hence making investors come up with products targeting them.