Real Estate Cheat Sheet: what the experts are predicting for Toronto’s housing market in 2014
With the end of the year in sight, real estate experts are scrutinizing sales data, demographic trends and interest rates to try and divine what 2014 might bring for the Toronto market. Here, a few of the trends they’re expecting to surface.
Prices will still go up—but not quite as quickly.
Toronto house prices have historically appreciated about seven per cent a year on average. In 2014, they’re only projected to grow by 1.5 percent, according to a senior market analyst at the Canada Mortgage and Housing Corporation. The reason? The years of ultra-low mortgage rates are over, which will make many buyers think twice before they take on debt.
Millenials are poised to enter the market.
Fact one: the average age of a first-time buyer in the GTA is 37. Fact two: the echo boom generation is currently between 20 and 36 years old. That means the next few years will see hordes of millenials trying to make the leap from renter to homeowner—a shift that will have a deep impact on the market. (Don’t believe it? The mass of echo boomers currently living downtown has already sent rents skyrocketing and vacancy rates plummeting). Experts predict the shift will spur demand for affordable semis and townhouses in the downtown core and along transit lines.
The market will stagnate come spring. Or it won’t.
Sme experts believe that the usual December and January lull will be followed by an active spring market. Another contingent is convinced that the holiday doldrums will be worse than usual, and that things won’t improve in 2014. So, not very helpful.
People will keep moving from the suburbs to the core.
Pundits are much more confident predicting the continuation of the reverse migration from the suburbs to the downtown core. A survey of some 1,000 players in Canadian real estate by the Urban Land Institute and PricewaterhouseCoopers indicates that demand for office and retail spaces will also be strongest in the city centre—which may sound the death knell for suburban office parks that aren’t close to mass transit.
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Magnificent 2 Storey Custom Built Home In The Heart Of North York. Recently Renovated. Close To Yonge Street, Centre Point Shopping Mall. Circular Oak …
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C2790339 – M2N – 348 HILLCREST AVE Toronto, Ontario – $ 2,298,800
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C2790410 – M2N – 236 COLDSTREAM AVE Toronto, Ontario – $ 2,297,000
Dft!!!Reduced!Xtraordinary Custom Home!Meets Highest Standards Of Lux. Lifestyle!Prestigious Loc.Close To Ave.Rd!5+2 Br s!5Baths!4200Sq.Ft+Raised …
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Three Floors Of Living Space In Demand Location. Large South Lot. Large Principle Rooms. Very Bright. Finished Basement. Two Walk-Outs To Landscaped Back …
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E2771927 – M1G – 12 MERKLEY SQ Toronto, Ontario – $ 479,900
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E2780656 – M1P – 121 OMNI DR Toronto, Ontario – $ 399,000
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Prime Leslieville Gem, Newly Renovated, Hardwood Floors Throughout, Granite Counters, Stainless Steel Appliances, Tasteful Design And Colour …
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***Absolute Immaculate Condition***New Vinyl Siding***New Backsplash***Newly Renovated Basement***Newer Windows***Newer Furnace & Central Air ***New …
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E2790253 – M1S – 2800 MIDLAND AVE Toronto, Ontario – $ 369,900
Location!! Location!! Spacious 4 Bedroom Fully Hardwood Town House In High Demand Midland And Hunting Wood Area L-Shaped Living And Dining Room Eat In …
E2790259 – M1H – 139 GREENBRAE CRCT Toronto, Ontario – $ 461,990
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Condo Alternative. Lots Of Development In The Area With Amazing Appreciation On Home Values. Build Your Dream Home. Great Neighbourhood And Good …
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Attention Builders, Contractors, And Renovatoers. Huge 37.50 X 135.50 Foot Lot With Large 2 Bedroom …
W2790251 – M9V – 29 SHALOM CRES Toronto, Ontario – $ 429,900
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W2790412 – M9A – 7 TYRE AVE Toronto, Ontario – $ 1,075,000
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W2790465 – M9V – 24 MARLEBON RD Toronto, Ontario – $ 479,900
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W2790474 – M8Z – 793 OXFORD ST Toronto, Ontario – $ 629,900
Spectacular Renovation In This 3+2 Bdrm Bungalow. New Sub Floor And New Hardwood Floors Throughout. Enjoy Your New Custom Kitchen, Granite Counter Tops …