As people get on to find a realtor Toronto agent, it is obvious that investors, owners, and developers are all highly optimistic about the real estate market in the coming year of 2017. The demand is slated to be high in Toronto real estate market in the coming year, primarily because of an insufficient supply. This, in turn is driving up the costs of listings, but is that all? As you get on to find a real estate agent, here are a few things and trends that you must be aware.
1. It is all about creating communities
The urban Canadian population continues to grow, and with that, their needs are also evolving. The developers are responding to these changes by transforming their approach and moving towards mixed-use projects as opposed to conventional methods.
2. Affordability is slowly decreasing
One look at the MLS listings is enough to tell you that affordable housing is fast becoming a concern in Canada. With a sharp rise in immigration predicted over the next 5 years is raising the demand, and thus putting more pressure on an already stressed affordability market. Add to that the lengthy approvals and municipal red tape procedures, and the supply is limited even further. All these factors contribute to the rising costs.
3. The impact of technology on Real-estate
Technology is revolutionizing the expectations of the people, as well as how owners interact with new tenants. We are moving towards the point where people who are not familiar with the applications of technology are missing opportunities.
4. Toronto Condos are high in demand
Despite the recent surge in industrial and commercial spaces, the demand for condos continues to grow in Toronto, primarily due to migration and foreign buyers looking for investment options. However, the same trend is not prevalent in the rest of the country apart from Vancouver.
5. With predictions of a healthy economy, Toronto’s market will become even more competitive
The condominium inventory in Toronto is at a 10-year low, while the demand continues to grow steadily. This has led to increasing prices as well as a surge in high-rise residential complexes. A 46% rise in housing starts took place in the Toronto real estate market, primarily the construction sector.
6. Mixed-use development projects are all the rage
As you get on the best real estate search Canada offers, you will find a surge in mixed-use development projects. As boomers and millennials move towards a vibrant lifestyle with convenience and less travel to work, a combination of retail, housing, offices and much more is the way to go. For the ones planning to invest in Toronto’s real estate, this piece of information is a gold mine.
7. Retirement homes and seniors housing are a long-term growth opportunity
The aging and wealthy baby boomer segment in the population considers investment in senior housing, primarily retirement homes, a potentially viable investment in the long term. What remains to be seen here is if this investment can deliver both the requisite profits and the care required.
8. Industrial properties continue to be the wisest options in terms of growth
While finding a property that is ideal for development not as easy, industrial bets are still among the wisest opportunities. Online shopping and the need for logistics and distribution hubs fuel this. Many point out that this is also due to the difficulty is squeezing out value from other development options.
10. The large majority of home buyers in 2015 in Toronto were first-time buyers
Over 53% of the homeowners who purchased a home in 2015 did so for the first time- a trend that seems to have followed on into this year as well. As you try to find a real estate agent in Toronto, do not just limit yourself to MLS listings and advertisements. Dig in a little more about the real estate market Toronto offers, and you are sure to find information like this that will help you make the right choice!