Market outlook for 2021!
Wednesday Dec 16th, 2020
✅Low interest rates, unsatisfied demand, low inventory, and changing needs / tastes will continue to drive up prices for single detached homes in 2021
✅High density homes such as condominiums could see further weakness due to lack of immigration, the ending of mortgage deferrals,ongoing employment weakness, and lack of consumer confidence
✅ GTA two story homes are expected to rise another 7.5% ($1,103,100 to $1,185,800)
✅ GTA condominiums expected to rise only 0.5% ($597,800 to $600,800) This increase is pushed positive by the slight increase in condos in the 905 offsetting the decrease in the 416 area
✅ There was already a push for homes outside of the downtown core, and working from home / the pandemic has just accelerated this trend. With rising prices outside of major cities for detached homes there could be a slight uptick of condos due to the extra supply and lower prices.
✅In October the federal government announced that they plan to add over 1.2 million immigrants over the next three years, and this could help ease the current over supply in the rental market. Foreign students returning to in class post secondary education could also help with the situation.
*ˢᵗᵃᵗˢ ᵗᵃᵏᵉⁿ ᶠʳᵒᵐ ᴿᵒʸᵃˡ ᴸᵉᴾᵃᵍᵉ*
Please do not hesitate to reach out if you or anyone you know have questions regarding the market!