The Toronto real estate market is about to heat up. After a slow summer, this is welcome news for sellers and buyers alike. I have been talking to many buyers and causal real estate market observers (read: my chatty neighbours) about the upcoming fall market, and I’m left with the impression that everyone thinks that prices are going to decline.
Almost definitely, the opposite is going to happen, and prices will go up.
Here are our predictions for the fall market in Toronto.
1. The Election Will Slow Things Down
Federal and Provincial elections always slow down the Toronto market. In this election, the major contending parties are all speaking about housing as a key issue. Whenever housing is a key election issue, the market virtually stops until after the election. We believe that making housing more accessible to everyone in Toronto should be a priority. Our city thrives on diversity, and that includes economic diversity. With that said, nothing any of the parties are proposing is likely to make a huge impact on the real estate prices. However, the talk about housing could temporarily cool the market if sellers become worried that the proposed changes will crash the market and, therefore, hurt their home value. We expect a slow September and a busier October because of the election.
2. The Tighter The Lockdown, The Hotter The Market
This is what we have learned in the pandemic. If we go into another lockdown at some point this fall, the housing market will likely go steadily upwards. This is not true for the condo market, which could cool slightly during another lock-down. Lockdowns make people crave a life change and more space.
★ If you’re planning on selling your Toronto home this upcoming fall read:
- Preparing Your Home For Sale
- Should You Buy or Sell Your Home First?
- Selling Your Home With A Top Bosley Real Estate Agent
3. Hot Rental Market
The rental market has come back strong, and it will continue to rise. As long as the universities remain open to some form of in-person or hybrid in-person/ virtual learning, the rental market will remain strong.
4. The Quieter The Summer, The Stronger The Fall Market
We have had a very slow summer because potential buyers and sellers are enjoying their lives. However, their housing needs haven’t gone away. We anticipate that this fall will be busier than most because of how quiet the summer has been. Expect prices to rise.
★ If you’re planning to buy a home in Toronto this upcoming fall read:
- What Home Inspections Don’t Reveal About A Property
- Buying A House With A Friend? Here’s What You Should Know
- Five Tips For Millennial Home Buyers
Here’s What We Know For Sure
However busy this fall is going to be, spring 2022 will be extremely busy. If you’re thinking of buying in the next few years, do it now before we hit the Spring market, where prices usually increase quickly and in a short amount of time.
As always, stay safe.
The Kim Kehoe Team