As both Canada's & Ontario's most populous & busiest city, Toronto's real estate market has seen tremendous housing appreciation in recent years, with MLS Listings flying off the shelves. Buying a house or condo has been increasingly difficult for home buyers, due to high demand & competition. Multiple offers & lost real estate bidding wars have meant that many apartment renters wanting to purchase a property in major residential housing markets such as North York have had to give up. New mortgage rules that came into effect recently have also made owning homes & condos in Scarborough & other suburbs such as Markham, Vaughan or Ajax a dream out of reach for many. Recent talk of a real estate bubble by commentators has, to date, been overblown. Although home & condo prices remain high compared to historic norms, most analysts expect the residential boom to continue, albeit at a slower pace. We continue to experience real & significant population growth, & everyone needs a dwelling of their own. Property prices will likely follow.
GTA districts have numerous types of homes for sale available on the MLS listings service. Options include detached houses, semi-detached or townhouses. Less clear is what style: There are, for instance back split style homes for sale in Markham suburbs that offer a lot of housing value for money. Another popular choice are bungalows, which have shown real house price appreciation due to demographic changes, more common 2-storey house styles, or new homes in suburbs. With regard to condominiums, older condo residences normally have higher maintenance fees but offer more space, but smaller newer condo developments provide higher sale prices per sq ft.
Amazing Two Bed, Two Washroom Suite at Luxurious Skygarden - 2350 Bridletowne Circle Condo. Touch Photo for info.
Spacious One Plus Den at Highway 7 & 404 in Richmond Hill. Touch Photo for info.
Stylish Two Bedroom & Solarium Corner Suite at Steeles & Warden. Touch Photo for info.
One Bedroom Condo Residence at Kennedy & 401. Touch Photo for info.
Start browsing homes for sale or condos for sale using a Searchable Toronto Map listing properties for sale in GTA. Access it by clicking on the icons below to search real estate or alternatively, search from the menu at the top to find properties. There is info on this site covering other districts and neighbourhoods as well, including North York, Scarborough, Markham, Vaughan etc.. If you see something interesting, please contact me so we may view it. Please note that housing conditions are robust & many may already be conditionally sold, so please get in touch so I can verify availability.
A vital part of any home buying search is locating one of Torontos realtors to assist you. A successful realtor can help you navigate the myriad residential properties currently being promoted. They should be experienced so they can quickly locate what you want. Agents are paid on commission, & in most cases sellers bear the cost of their services, so a house buyer can concentrate on finding their preferred property. Your residential property agent should know about neighbourhoods, style of homes, relative prices of real estate in Toronto, & amenities.
Toronto is known for its different neighbourhoods. New neighbourhood names have resulted from recent redistricting. A good realtor will be familiar with areas to assist an anxious home buyer wanting to know how areas are ranking & which pockets are safe. Willowdale & Bayview Village are excellent & established locales sporting many condos. Scarborough is always popular with new comers & has many affordable bungalows & new developments near the Town Centre & older spacious units near Bridletowne Circle. Markham has developed fast & has newer houses near Cornell & Unionville , as has Vaughan near Thornhill Woods. There is a Toronto neighbourhood map & links to various neighbourhoods by name here. Select from the menu on the left & let this site be your neighbourhood guide.
October 27 - Toronto Regional Real Estate Board realtors reported just over 5,000 residential sales through our Realtor's system in September 2022, representing a 44% decline from the same period last year. New home listings were also down by 11% compared to 2021, which represent the lowest number of listings since 2002. Similarly, condo sales were down by 46% in comparison to the 3rd quarter of the prior yr, and listings were also down by 16% over the same period.
Housing and condominium demand continues to slow on account of higher borrowing costs and tighter lending standards. However, the supply of homes and condos remain at relatively low levels also. This illustrates that the key long term structural challenge remains an acute shortage of homes available for sale in the GTA. Affiordability pressures remain despite lower selling prices - and this is due to the lack of supply.
Recent policy announcements offer some positive news. The Ford Government recently tabled legislation to accelerate the creation of additional housing supply, particularly low rise 'missing middle' type variety. The More Homes Built Faster Act proposes to enable and expedite additional residential units in existing residential areas, create as of right zoning for higher density around transit, limit the influence of NIMBY groups on the planning process, consult on potential Rent to Own arrangements, make available surplus government owned properties for pilots for attainable housing, provide a discount on Development Charges for purpose built rentals, provide a DC and Community Benefit Charge exemption for affordable housing and inclusionary zoned units, and do a policy review of Ontario's plan to create 1.5m homes. This legislation, in combination with the 'Strong Mayor' legislation (also provincial) should enable a long needed improvement to missing middle and neighbourhood housing construction. These are welcome steps by Ontario's Government.
Ram's take: "The market started 2022 in very strong fashion, and by February had exceeded TRREB's price estimates for the entire year. Sadiy, the Ukraine conflict and Western sanctions on Russia have had a profoundly negative impact on the global economy, further exacerbating already difficult supply dynamics which began on account of Covid and government policy measures such as prolonged lockdowns. This in turn accelerated already existing cost push and demand pull inflation drivers, resulting in Central Banks having to raise interest rates several times at short notice. As can be expected, these rate increases have had a noticeable negative impact on the demand side of the housing market. The market prices have held up reasonably well because sale supply has also been relatively constrained over this time. In addition, rents continue to be strong, leading some home owners to rent out properties rather than sell them. I shall be watching housing market developments closely as the Bank of Canada continues to increase rates over the next few cycles to compensate for geopolitical tensions (and unfortunate government policy responses to them)."