It’s pretty difficult to admit that Toronto’s Fall Real Estate Market is just around the corner! As with all real estate markets they typically kick into effect in the preceding season. We expect that the Fall Real Estate Market will kick in the second week of September, once the kids are back in school and most people are back to working full-time after enjoying their summer vacations.
Values of Toronto homes and condos have been rising since August 2017. We expect this trend to continue as there are simply not enough condos for all the buyers and the home selection remains low especially in the finer neighbourhoods in Toronto’s core.
Fall Real Estate Market Predictions
We suspect that there will be a few housing gems attempt to beat the bottleneck in the second week of September. Some agents (including us) plan to launch listings in the first week of September. The thought behind this being that there is pent-up demand in both the condo and housing markets. Buyers are chomping at the bit to get going.
Being that the Fall Real Estate market is the second busiest market it is important to note that it happens quickly. The market itself is only 2-2.5 months long, unlike the Spring Real Estate market which lasts 5 months. This also means that the selection is not as robust as the Spring…so it is essential to be ready to move quickly and snap up what you like with full commitment!
In terms of price growth, it will be far more moderate than two years ago yet, stronger than the Fall market of 2017. Consumer confidence remains pretty strong.
Houses This Fall
The mortgage rules implemented by the government have meant that some buyers have not been able to afford houses. It is very unlikely that we will see appreciation beyond a percent per month for homes this Fall.
Condos This Fall
Our prediction made this past Spring of $1000 per square foot continues to be a reality that sets in amongst downtown Toronto Condos. Owners are happy, buyers are less enthused as their affordability continues to dwindle. Expect more than a percent and a half for condos through to the end of November. As for rents? It is simply incredible how hot this segment is! Multiple offers abound for condos! The rent control rule change made in the Spring of 2017 is really beginning to show how much it hurts renters (the opposite of the intention but exactly what we expected when it was announced!)
As always were are here to help in any way, email Ryan here (or call 416-483-8000) with any questions.
