Condominiums
Townhomes
Homes
No Minimum
1 Bedrooms or more
2 Bedrooms or more
3 Bedrooms or more
4 Bedrooms or more
5 Bedrooms or more
6 Bedrooms or more
7 Bedrooms or more
8 Bedrooms or more
No Maximum
1 Bedrooms or less
2 Bedrooms or less
3 Bedrooms or less
4 Bedrooms or less
5 Bedrooms or less
6 Bedrooms or less
7 Bedrooms or less
8 Bedrooms or less
No Minimum
1 Bathrooms or more
2 Bathrooms or more
3 Bathrooms or more
4 Bathrooms or more
5 Bathrooms or more
6 Bathrooms or more
7 Bathrooms or more
8 Bathrooms or more
No Maximum
1 Bathrooms or less
2 Bathrooms or less
3 Bathrooms or less
4 Bathrooms or less
5 Bathrooms or less
6 Bathrooms or less
7 Bathrooms or less
8 Bathrooms or less
No Minimum
$100k or more
$125k or more
$150k or more
$175k or more
$200k or more
$225k or more
$250k or more
$275k or more
$300k or more
$325k or more
$350k or more
$375k or more
$400k or more
$425k or more
$450k or more
$475k or more
$500k or more
$550k or more
$600k or more
$650k or more
$700k or more
$750k or more
$800k or more
$850k or more
$900k or more
$950k or more
$1.00m or more
$1.10m or more
$1.20m or more
$1.30m or more
$1.40m or more
$1.50m or more
$1.75m or more
$2.00m or more
$2.50m or more
$3.00m or more
$3.50m or more
$4.00m or more
$4.50m or more
$5.00m or more
No Maximum
$100k or less
$125k or less
$150k or less
$175k or less
$200k or less
$225k or less
$250k or less
$275k or less
$300k or less
$325k or less
$350k or less
$375k or less
$400k or less
$425k or less
$450k or less
$475k or less
$500k or less
$550k or less
$600k or less
$650k or less
$700k or less
$750k or less
$800k or less
$850k or less
$900k or less
$950k or less
$1.00m or less
$1.10m or less
$1.20m or less
$1.30m or less
$1.40m or less
$1.50m or less
$1.75m or less
$2.00m or less
$2.50m or less
$3.00m or less
$3.50m or less
$4.00m or less
$4.50m or less
$5.00m or less
Other Municipalities
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Toronto Condo Boom Or Bust

Despite the pessimistic prophecies of experts and analysts the Toronto housing market has continued its booming success past the expectations of skeptics. In October Toronto homes hit a pinnacle value of $577,936; tens of thousands more than where the average stood a year ago. With a more optimistic outlook compared to most, the Canadian Mortgage and Housing Corporation (CMHC) projects that this boom can be expected to continue into Toronto’s foreseeable future.

The past year has been one of the strongest years for the booming housing market since 2011. The Toronto Real Estate Board (TREB) reported that housing prices climbed 8.4 per cent on average throughout 2014; even sales were 6.6 per cent higher than they were in 2013. 

Not surprisingly, single-family homes saw the largest value increases of any other type of property. Detached houses in the city rose an incredible near 10 per cent that averaged at a hefty $935,122. During the height of the spring sales peak these downtown homes hit a short lived average of ‘who wants to spend a’ $1 million. 

With such a successful past year the looming question in most skeptics’ minds is when will the end of prosperousness come to Toronto’s real estate boom? 

The long trend of low interest rates have been keeping the housing market afloat, but economists warn that these rates won’t last forever. When interest rates rise we can expect the market to begin a slow decline towards a steadier accumulation of value. Although interest rates usually increase when the economy is in a good state; CIBC warned that when the interest rates do increase Canada may see some residential financial crisis. 

Due to the large amount of debt accumulated by Canadians, an interest rate jump could lead to an increase in personal bankruptcies. Economists expect to see the U.S. Federal Reserve increasing their rates in the first half of 2015 with the Bank of Canada projected to follow suit later into the year. In short we can expect a slower growth in both Toronto’s real estate value and development as of 2016. 

Recent activity suggests that developers are slowing down in building starts after many years of saturated construction. BMO stated that housing development in Toronto has fallen from a peak annual pace of 40,000 in 2012, to a present day pace of 16,500. This decrease could be an early sign of the impending end to Toronto’s housing boom. Though it could be the safe decisions of developers weary of tomorrow’s rising interest, of which can be expected to slow markets by 2016.

CMHC doesn’t see the end in any of their projections, as they don’t see any reason for the near decade trend to let up quite yet. CMHC projects that prices for homes in Toronto will rise to an average close to $600,000 through 2016. A safe projection of steadier increase compared to the past year, but regardless an increase and a continuation of the Toronto housing boom. 

Though the distant future is a foggy definition, CMHC does admit that the high levels of Canadian debt compared to their incomes makes for possible trouble. With 70 per cent of Canadian debt being invested in residential mortgages an economic shock could trigger housing selloffs down the road.

The future of Toronto’s residential markets are unpredictable, as is any heavy value item in an ever-unpredictable economic sea. But if all goes according to current patterns and impending events, Toronto can expect to see its booming housing market make a slow decline towards steadier growth and appreciation over the next couple of years. Not the catastrophic end of unseen consequence that most skeptics and opinion heads had conjured up in the years of criticism, the Toronto housing boom will come to an end but a healthy landing from a long successful flight.

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Email:
Sam Kamra
Sales Representative
Cell: 416.877.1307
samkamra@yahoo.com

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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial or any other purpose. Information is deemed reliable but is not guaranteed accurate by TREB or Real Estate Bay Realty.