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Thinking of buying a second home in the GTA, here is our video on what to consider.

As we enter 2024 we have seen an uptick in activity and that has seen excess inventory of GTA homes for sale be soaked up fast.
With new homes permits in Toronto dropping to frightening levels we are sure to see this market face competition as more buyers return to the market with news that interest rates seem to have peaked and may be set to drop in the not too distant future.

Housing starts in Canada over the last 12 months make interesting reading to say the least.  So what can we learn?
Whilst starts (the number of new homes under construction) has risen slightly we have seen a massive drop in Single Family Homes, whilst both Condos have remained steady and new rental projects jump way u from where they were 10 years ago.
The most shocking statist of all is that we have only started 1 home for every 25 new arrival into Canada.  If you think supply is short now, just wait a year!
Combine this with the tightening of the GTA Single Family Home market we are certain to see a return to rising prices, as demand will out strip supply, male sure if you are thinking of buying in this sector any time soon you take advantage of current market conditions. ...

We at Your GTA Properties are really worried about this stat.  Single Family Home permits are at the lowest we have seen since the early 1980's.
The reason we some major concerns for the market are we are already seeing a reduction in inventory, combine this with record population growth and even higher temporary residents we can only see a very difficult future for buyers in the very near future.
With near record low mortgage delinquencies we don't expect to see inventory levels grow and we will likely soon see a return to a strong sellers market where buyers are fighting over every listing.  Its a question of when, not if the GTA Real Estate market explodes.
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