In the many years Stomp Realty has helped settle clients into the sprawling Toronto neighborhoods, such market fluctuations have been a norm. Already, the real estate market in locations such as Kensington Market has witnessed an upsurge. As the climb to the top for Toronto real estate continues, the 5 compelling factors are:
Most Home Buyers Are Adept To the Change
In the bid to make home rentals and sales balanced for both sellers and buyers, 16 varying strategies were introduced by the Ontario Fair Housing Plan. Our in-depth assessment at Stomp Realty predicts that these strategies won’t affect the current home buyers. Right from Little Portugal to Willowridge, the historically vibrant economy, an influx of businesses and people, and low interest rates remain fluid.
Within no time, sellers and buyers will understand that engagements remain convenient even with the implementation of new regulations.
Foreign Buyers Constitute a Small Population
During the Ontario fair, the 15% tax chargeable to foreign buyers was among the highlights. While this rippled conversations among market antagonists, only 4.9% of home buyers in Toronto neighborhoods are foreigners. Overseas home buyers are by no means average clients, indicating that the considered real estate investment is worth their while. Most view this as a cost of engaging in business.
Vancouver Serves As a Compelling Case Study
In august 2016, Vancouver real estate regulations posed similar rules as is the case in Toronto. Over the years, the lively neighborhoods here have ranked consistently as among the best places to live. Within five months of the rules implementation, the prices had dipped by a significant 5%. Stomp Realty is already seeing similar trends in a shorter time. The changes currently taking effect won’t have a lasting effect.
Supply and Demand Are Perfectly In Tune
As the single most important factor in determining Toronto real estate market prices, the demand for housing is reliant on supply. The rules effected on April 20th have seen an increase in supply, creating the balance which was previously lacking. Due to Toronto’s stature, more people are moving in increasing the demand. Unless interest rates fluctuate rapidly or more regulations are made in the foreseeable future, this pause is merely momentary.
Overvaluing Claims in Toronto Are Myths
The Toronto real market has been subject to speculation dating back to 2009. Major Banks then predicted a collapse, an event which never came to pass. In some neighborhoods such as Little Italy, real estate prices occasionally doubled. While most home buyers view this as an investment, most are patient to see it pay off. You can accomplish all this while leaving in your dream home in Toronto. As a safe approach, only external factors would compel a home owner to sell at a loss.
When do you plan to move into the alluring Toronto neighborhoods? Contact us today at Stomp Realty to receive a rundown of the current market rates. We have many more pointers for our clients; all you have to do is reach out. Let’s make the move happen.