The Canada Mortgage and Housing Corporation forecasts a balanced market in the GTA through 2020.
In the forecast, CMHC predicts that home sales, including resales, will drop down thanks to a rising mortgage rate.
Additionally, a slowdown is predicted in the low-rise housing market primarily because of land scarcity. In some suburban areas, like Peel, Durham and York Regions, however, we can expect to see more single-family detached sales and listings with a slow price increase in the future.
There will be a higher price growth in downtown cores of some major GTA areas, including downtown Toronto, Markham and Mississauga. These areas have higher concentrations of condos.
In terms of new construction, CMHC says people can expect to see more and more condos as low-rise housing is out of reach for first-time buyers due to high home prices.BACK TO NEWS FEED