2019 Mid-Year Market Update: What Happened & What’s to Come
Sunday Jun 30th, 2019
Summertime is one of the best times of the year, right? Easy, breezy living with a little bit of heat and Vitamin D is our well-earned treat after low winter temps.
As a mid-year check-in, we’re currently in the heat of the busiest time of year for Residential Real Estate Sales — and the market continues to react to overall buyer demand.
The good news doesn’t stop there.
The number of available homes for sale to date has grown by 20,000 units, which is exciting to see.
The fact is, consumer options are important.
Today’s generation is looking for more variety in the market.
From smart homes fused with environmental tech and ethically sourced materials, to the latest in modern contemporary architectural design.
On the other side of things, we’re hoping to see greater access to affordable housing, the condo market and rental properties.
Buyers need choice and they have reacted, with the total number of sales up almost 20% over last May.
One of the key drivers of this is that interest rates are looking favourable for buyers.
Interest rates have come off their highs of over 3.5% to rates now under 3%.
Considering all the recent government policies, we thought there might be interest hikes year over year, however, they’ve actually lowered — which is great for both buyers and sellers.
This is a great gap of opportunity for those who know how important it is to spot the sensitivities in trends when it comes to our Canadian real estate market.
Housing & Architecture Trends
Architecture trends are also driving a number of new home interest.
With people searching for their next property east to Toronto and all the way west to Hamilton.
Urban and waterfront communities are starting to bubble over with up-and-coming boutiques, technology start-ups, trendy city centres and luxury real estate — not to mention insane views and quality of the air we get in Canada.
Whether it’s in suburbia or slick urban city streets, future buildings are being developed that will completely transform local communities and Toronto’s entire cityscape. This will attract more businesses, tourists and add greater living desirability, all across the GTA.
I’m not kidding about the architecture. Picture striking structures intermingling between steel and glass towers, like The Arbour — a 10-story wooden building that has courtside seats overlooking the waterfront.
If waterfront living isn’t so much your speed, how about making your new home with even higher views.
At 80 storeys, The One will become Canada’s tallest building and second-tallest man-made structure to the CN Tower, scheduled for completion by 2022.
Speaking of the condo market…
While there’s certainly a number of affordable homes available, the luxury condo market is doing great too.
We’re seeing limited inventory which means there’s a lot more room for growth from a development perspective.
Quite simply, all throughout the GTA, baby boomers are loving the downsize to a luxury condo and we’re also seeing a number of Millennials become more integrated within the luxury condo communities too.
Also, it’s never going to be too soon to bring up our Raptors Championship, and when sports teams do well, it’s good for the economy too.
Thankfully, we have a feeling Kawhi Leonard is getting some tempting real estate offers to stay in Toronto. Like the one by Simon Mass, CEO of the Condo Store who offered a $4.7 million dollar penthouse to Kawhi Leonard for free.
Further, I mentioned that we’re becoming a hot-spot for start-up tech companies. Some are even proposing it could become the Canadian equivalent to Silicon Valley. That’s great for the real estate market.
Luxury condos are a great alternative to those home buyers who are ready to sell their 25-year-old home and start a new adventure in a luxury condo unit. Or for ambitious Millennials who want city living in the lap of luxury.
There’s no denying that there’s a number of hot-spots across the GTA filled with new and modern condos.
From Oakville to Port Credit and all across Toronto.
If you’re interested in getting into the real estate market, you should contact me today.