What’s your opinion of the housing market in the GTA for 2013-2014?
Despite tighter lending rules and talks of a real estate bubble, the optimism for the housing market in Toronto still remains strong. Home buyers are learning to make smarter real estate choices and are showing greater fiscal responsibility when purchasing a home.
“Emerging from the survey are some very real indications that Canadian homebuyers—and their attitudes—have changed,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Purchasing patterns have evolved, with a more conservative, fiscally-responsible purchaser moving to the forefront. While tighter mortgage rules implemented last July played a role in the transition, the fallout south of the border and overseas drove the message home.”
- Detached homes account for 53% of homes purchased, while condo sales make up about 17% of purchases. Town-Houses and Row-Houses make up 11% of home sales.
- Couples and families represent 4 out of every 5 home sales in Ontario. Female home buyers are also on the rise, representing 45% of the market.
- 2nd time buyers and people who have purchased multiple times make up over 70% of home purchases. Rising home values, coupled with stricter mortgage lending rules, may be a factor in first time home buyers not jumping into the market.
- Despite talks of a potential real estate bubble brewing, most people think the housing market will rise, or at least remain stable in 2013. 48% of people surveyed believe housing prices will increase, with another 35% believing the market will at least remain stable in 2013. 10% of those surveyed believed that the housing market will decline in the coming year.
If you have questions about buying or selling your home, or would like a free market evaluation for you home, you can contact me here.