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October Market Overview

Monday, November 27, 2023   /   by Rob Mills

October Market Overview

Whilst the GTA real estate market has slowed in the last 6 months after a busy Spring market we thought now was a good time to take a closer look at what's happening.

First let's take a broader look at the main factor affecting home buyers right now, inflation.  Whilst we have seen some good news in recent months unfortunately businesses are expecting that inflation will keep on pushing prices up.  This could mean another round of interest rates are not out of the question if this prediction comes true.

This chart takes a look at what Canadians expect home prices to do in the next 12 months.  They feel prices will rise on average about 5%, this has risen from 2% earlier this year and shows growing confidence in home values.

One of the main factors affecting this confidence is the rising population, we are seeing unprecedented population growth, most of which end up in the GTA.  This population growth inevitably leads to price rises as we simply are not building even close to the homes needed to house the new arrivals.  The latest expectation is we could be 2 million homes short by the end of the decade unless something is done urgently.

One of the factors impacting the market is the rise in demand for GTA rental housing as buyers hold off from making a decision.  This has pushed both demand and rental prices sky high.  Expect this to balance out as renters become buyers and re-enter the market sometime in 2024.  Pressure will remain on the rental market though as new arrivals flood into the GTA.  

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If you are looking for more affordable GTA properties, this chart shows you how Ontario affordability compares to the other provinces.  This is unlikely to change going forward.  So anyone waiting for some relief may be missing the boat.

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If you are looking for more insight into the GTA market and how it will impact you, don't hesitate to reach out.

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Your GTA Properties
Michael Bertolli And Rob Mills
101 Brock Street S. 3rd Floor
Whitby, ON L1N 3J9

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