Sunday, December 1, 2013

Fall Winter Real Estate Forecast 2013

The Fall 2013 edition of CMHC's Housing Market Outlook - Greater Toronto Area is now available and can be accessed by clicking on the link below.

Here are the highlights for the current edition:
•Total starts will ease in 2014 with activity shifting to semis and rows from singles and apartments.
•Gradually rising mortgage rates will keep existing home sales growth modest.
•Rising home values will keep more people in rental but more condo rentals will keep supply in balance with demand.

•After lagging in 2013, income growth will match broadly based employment growth.

On Residential Condo Rental Rates

  • On a per square foot basis, average rents in Toronto grew by 4.2% in the third quarter compared to the same period last year. 
  • Rents are growing at a pace of 3.5% year-over-year. 
  • Toronto’s rentals-to-listings ratio remains elevated at above 70%. 
  • Rental demand in the city is currently running at a 20-year high. 

  • Millennials own fewer cars and drive less than their predecessors. They’d rather walk, bike, car-share, and use public transportation — and want to live where that’s all easy.  That's means they are renting to stay in the city center near their jobs.

    Not only are the millennials your potential rental pool but Seniors who downsize are also adding to their numbers.   The seniors want a comfortable space with condo views and amenities. They have sold and are cash rich.

    Toronto continues to attract people.

    Are you ready?    Let's get started

    1 comment:

    1. Hi
      In many ways 2006 was the non-year for real estate. Many markets waited for spring market which was disappointing. Markets then believed buyers would re-group in summer,and buyers were a no-show. Fall and last market hopes were dashed when fall came and went, with plenty of traffic at open houses, but few contracts.Read more at-real estate forecasts