Last year, not many houses were sold in Toronto, but experts think that’s about to change. They say more people will buy and sell houses this year, and the prices of houses will go up a bit.
The Toronto Regional Real Estate Board, or TRREB for short, says around 77,000 houses will be sold this year, which is more than last year. They also think the average price for a house will be about $1,170,000.
But, finding an affordable home is still a big problem because there are not enough houses for everyone who wants one.
Let’s dive in!
Sales and Prices on the Rise
In 2024, about 77,000 homes, including houses and condos, are expected to be sold. This is more than the 66,000 homes sold last year. The average price for any home in the Greater Toronto Area (GTA) will also go up to $1,170,000. This is a bit more than last year’s average price of $1,126,604.
Even though prices are going up, the number of people who want to buy or sell a home this year is about the same as last year.
This shows that people are still worried about the housing market. There are not many homes available, and the cost of living is very high.
Demand and Supply Dynamics
Experts say the demand for homes in the GTA will get better in 2024. This is because more people are moving to the area, the economy is strong, there are plenty of jobs, and mortgage rates might go down later in the year. This will help more homes to be sold compared to last year.
But, for the housing market to really improve, there need to be more homes for sale and more new homes need to be built.
The TRREB says that making homes more affordable will only happen when it’s easier to build new homes.
The Challenge of Affordability
The lack of affordable housing is a big problem. It affects how happy people are living in the GTA. The TRREB says that the problems caused by expensive homes are much bigger than many other problems, like health issues.
To help with this, the TRREB wants lower taxes and fees on homes, more new homes to be built quickly, and a variety of homes that fit different needs.
This year, property taxes in Toronto are going up by 9.5%, and on average, buyers have to pay about $20,000 in taxes when they buy a home.
To make sure there are enough homes for everyone, especially with more people moving to Toronto, it’s important to plan ahead and not just use quick fixes. The TRREB’s CEO says that we need to build more homes quickly and help people who are buying a home for the first time.
It’s also important to build more types of homes, especially those that are missing in the middle range. Governments at all levels need to work together to make sure builders have the right incentives to build more homes.
With Toronto’s home prices on the rise, many are weighing the options between renting or selling their properties. This decision is becoming increasingly complex as the market dynamics shift.
On one hand, the surge in prices could tempt homeowners to sell for a profit. On the other hand, the growing demand for housing and the limited supply make renting out properties an appealing long-term income source.
Conclusion
In response to the rising housing prices and the demand for affordable living spaces in Toronto, shared housing or coliving has become an attractive solution for many, including students, young professionals, and newcomers to the city.
Harrington Housing offers a range of options for those looking for cheap accommodation in Toronto, providing a comfortable and community-oriented living experience.
With housing in Toronto for rent becoming increasingly expensive, shared rentals in Toronto, like those provided by Harrington Housing, offer a more budget-friendly alternative. Individuals can rent a room in Toronto within these shared spaces, enjoying the benefits of a central location, reduced living costs, and the opportunity to connect with like-minded residents.
This approach to living not only addresses the affordability challenge highlighted in the article but also adds a social dimension to urban living, making it a practical and enjoyable option for many.
Ok, that’s it for today, for more housing-related content, visit real estate today every day.
