Toronto Housing Market Set to Surpass Vancouver's by the End of 2024
1.5 min read.
The latest projections from Royal LePage Real Estate Services Ltd., a trusted and renowned authority in the real estate industry, indicate a significant surge in Toronto's housing market, positioning it to outpace Vancouver's by the close of 2024. They have revised their forecast, expecting a substantial 10% increase in Toronto home prices for the year, up from the initial projection of 6%. Nationally, the forecast has also been adjusted upward to 9 % from the previous 5%, reflecting robust demand observed in the year's first quarter.
Karen Yolevski, Chief Operating Officer at Royal LePage, attributes this surge to limited housing supply and expectations of declining interest rates. Yolevski highlights, "We knew consumers would not wait for interest rates to drop before returning to the market. The speed at which they returned is a bit faster than we had anticipated, creating some upward pricing pressure."
One of the primary drivers of this trend is the persistent shortage of housing stock, particularly in Toronto, which has failed to keep pace with rising demand. The increasing number of immigrants to Canada has exacerbated this imbalance, resulting in a strong demand for homes in the GTA. As individuals continue to seek opportunities to live and work in the region, demand for housing is expected to remain robust.
With Toronto's housing market on track to surpass Vancouver's, the real estate landscape in Canada's largest city is undergoing significant changes. As prices continue to rise and competition intensifies, buyers and sellers must navigate this evolving market landscape carefully.
Reference
Heaven, P. (2024, April 22). Posthaste: Move over Vancouver, Toronto is about to become Canada’s most expensive housing market, says forecast. Financial Post. https://financialpost.com/news/toronto-house-prices-to-top-vancouver-forecast
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