Toronto home sales headed for strong year as population grows, rates stay low, forecast says GlobeBusiness
This translation has been automatically generated and has not been verified for accuracy.Toronto's housing market is in for a robust year, the area's real estate board said in a new forecast, as the population grows and interest rates remain low.
The last time the Toronto region saw sales at that level was in 2016 when the market was on fire and average home prices were soaring between 20 per cent and 30 per cent.This year, a lack of supply combined with demand is expected to push up the average sale price to $900,000, a 10 per cent increase from last year's average of $819,319.
Toronto's housing market started recovering in the spring of last year after a brief slowdown triggered by the province's 15 per cent tax on foreign real estate buyers and Ottawa's mortgage stress test requiring borrowers to qualify at a higher mortgage rate."The resulting increase in competition between buyers will likely result in an acceleration in price growth across" all types of housing, said the board's president Michael Collins.
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