• Home
  • About
  • Privacy Policy
  • Disclaimer
Wednesday, December 6, 2023
ZOBUZ
Send Message
Contact Us
  • AutoMobile
  • Business
    • Finance
    • Insurance
    • Startup
  • Entertainment
    • Celebrity
    • Games
    • Movies
    • Music
  • Fashion
  • Health
    • Dental Care
    • Food
    • Fitness
    • Skin Care
  • Law
  • LifeStyle
    • Home Improvement
    • Houseplants
  • News
    • Politics
    • Science
    • World
  • Sports
  • Tech
    • Crypto
    • Graphic Design
    • Digital Marketing
  • Tips
    • Apps
    • Gadget
    • Education
    • Review
  • Travel
No Result
View All Result
  • AutoMobile
  • Business
    • Finance
    • Insurance
    • Startup
  • Entertainment
    • Celebrity
    • Games
    • Movies
    • Music
  • Fashion
  • Health
    • Dental Care
    • Food
    • Fitness
    • Skin Care
  • Law
  • LifeStyle
    • Home Improvement
    • Houseplants
  • News
    • Politics
    • Science
    • World
  • Sports
  • Tech
    • Crypto
    • Graphic Design
    • Digital Marketing
  • Tips
    • Apps
    • Gadget
    • Education
    • Review
  • Travel
No Result
View All Result
ZOBUZ
No Result
View All Result
Home Business

The Toronto Real Estate Market’s State: What, Why, What Now?

Rene Bennett by Rene Bennett
October 3, 2020
in Business
0 0
The Toronto Real Estate
0
SHARES
0
VIEWS
ShareShareShareShareShare

Despite being amid a pandemic, the Toronto real estate market bounced and came back strong as home sales in the Greater Toronto Area increased by 40.3% in August compared to August of last year. In the report from the Toronto Regional Real Estate Board, the average price also increased, from $792,134 to $951,404. About 50% more detached homes, 66.8% more semi-detached homes, and 45.8% more townhouses were sold, too. All these were happening as Toronto experienced an 11.5% decline in employment growth.

Contributing Factors

For one, the pandemic itself is a major factor why home sales increased. Because of COVID-19, fewer people left their houses and became active in the market around the GTA. The GTA resale market became competitive, especially for low-rise home properties. It should also be noted that the trend of moving away from the busy city to the suburbs is slowly getting traction, also due to the new work arrangements brought by the pandemic.

Canada also managed to keep its economy afloat, by creating more jobs and increasing the average hourly wage. Low borrowing costs make consumers confident in purchasing houses, with the Bank of Canada slashing its interest rate by 0.25% and no rate hike for the next 3 years so. With consumers having a stronger buying power, the demand for properties rose because of the want to move away from the crowds of the city.

As the people’s demand gradually overwhelm the market’s supply, the law of supply and demand states that the prices would eventually go up. This situation is brought about by all these factors, making Toronto a hyperactive marketplace for homes.

Prospects for the Condo Market

The demand for larger properties indeed increased the pricing of these types of dwellings, and as long as this demand is not met, this rise will continue. This makes it hard for new homeowners to get into the market. However, because of this turn of events, the condo market’s future is looking bright and healthy, making it a considerable alternative.

Condos did experience a sales increase, but only a measly 10.9%. This means that the supply of condominiums will tip on the opposite scale as the supply of other properties, consequently lowering their prices. If the current trend continues, the condo market might become a buyer’s market this fall.

If you’re interested in entering the condo market, now can be a good time to start looking around, as prices are getting cheaper and agencies like Condo Mapper International are available to help you.

Conclusion

The pandemic has caused big shifts not just in the economy but in the living arrangements of most people. Because of this, the Toronto real estate market is experiencing demand levels that it cannot meet for the time being. Larger properties and residential areas in the suburbs are slowly becoming hotpots for home purchases. However, this tipped the scales favorably for the condo market, which should experience a supply surge and perhaps eventually a buyer’s market situation.

Rene Bennett
Rene Bennett

Rene Bennett is a graduate of New Jersey, where he played volleyball and annoyed a lot of professors. Now as Zobuz’s Editor, he enjoys writing about delicious BBQ, outrageous style trends and all things Buzz worthy.

Tags: The Toronto Real Estate
Previous Post

Brief Guide to Medical Malpractice

Next Post

Jewish Baby Strollers Returns Dozens of Anti-Semitic Images!

RelatedPosts

Understanding Senior Living: A Comprehensive Guide To Senior Resources
Business

Understanding Senior Living: A Comprehensive Guide to Senior Resources

December 5, 2023
Event Planners
Business

Choosing the Perfect Venue: Tips for Event Planners

December 4, 2023
Village Community Directories
Business

Building Stronger Communities: The Power of Village Community Directories

December 4, 2023
Commercial Builder
Business

Key Considerations for Choosing a Commercial Builder

December 4, 2023
E-Commerce Opportunities In China
Business

Going Global: Navigating Cross-border E-commerce Opportunities in China

December 4, 2023
Neon Signs
Business

Bright Business: How Neon Signs Boost Branding and Attract Customers

December 4, 2023
Next Post
Jewish Baby Strollers

Jewish Baby Strollers Returns Dozens of Anti-Semitic Images!

ADVERTISEMENT
  • Julie Chrisley May Divorce Husband Todd

    Julie Chrisley May Divorce Husband Todd for Convincing Her to Go Along With ‘Foolproof’ Tax Fraud Scheme

    0 shares
    Share 0 Tweet 0
  • Savannah Chrisley Is ‘Sobbing’ as Court Decision Means She Is ‘One Step Closer to Getting Mom and Dad Home’

    0 shares
    Share 0 Tweet 0
  • Unlocking the Benefits of Putting Your House in a Trust: A Quick Guide

    0 shares
    Share 0 Tweet 0
  • Pilot Ashlea Albertson Dies at age 24 in Tragic Circumstances

    0 shares
    Share 0 Tweet 0
  • Julia Roberts shares Rare Photo of Her Twins in honor of their 19th Birthday

    0 shares
    Share 0 Tweet 0
What Does Cps Do And How To Get A Cps Case Dismissed

What Does CPS Do and How to Get a CPS Case Dismissed? | A Brief Guideline

by Barry Lachey
December 20, 2021

Even when the Child Protective Services (CPS) are looking into your child, you have rights as a parent. In many...

6 Things An Entrepreneur Should Do To Succeed In Business

6 Things an Entrepreneur should do to Succeed in Business

by Barry Lachey
May 16, 2021

Who is an entrepreneur?  An entrepreneur is an individual who starts his or her own business. He risks his money,...

Cocktail Franks 101

Cocktail Franks 101: Everything You Need to Know About These Mini Sausages

by Tom William
October 3, 2023

Cocktail franks hold a special place in American culinary culture. These bite-sized smoked sausage links, also known as little smokies,...

Briansclub: Elevating Banking Standards In Washington

Briansclub: Elevating Banking Standards in Washington

by Arman Ali
September 28, 2023

In the continuously evolving landscape of the financial sector, the significance of upholding strong banking standards cannot be emphasized enough....

ADVERTISEMENT
  • About
  • Contact Us
  • Disclaimer
  • Privacy Policy

© 2023 All Rights Reserved ZOBUZ

No Result
View All Result
  • AutoMobile
  • Business
    • Finance
    • Insurance
    • Startup
  • Entertainment
    • Celebrity
    • Games
    • Movies
    • Music
  • Fashion
  • Health
    • Dental Care
    • Food
    • Fitness
    • Skin Care
  • Law
  • LifeStyle
    • Home Improvement
    • Houseplants
  • News
    • Politics
    • Science
    • World
  • Sports
  • Tech
    • Crypto
    • Graphic Design
    • Digital Marketing
  • Tips
    • Apps
    • Gadget
    • Education
    • Review
  • Travel

© 2023 All Rights Reserved ZOBUZ

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.