As vaccines roll out across the country and as pandemic restrictions lift, it will be interesting to see what lasting impacts the pandemic will have on the Toronto real estate market. Let’s take a look at the segments of the market, and we’ll reveal our predictions for the fall 2021 real estate market in Toronto.
We predict that some of the biggest increases in housing value are going to be in semi-detached homes this fall. During the pandemic, we saw an exodus out of the core as more and more people were able to work from home. And while we know that many will continue to work from home after the pandemic, there are still a lot of employers that will require their staff to go back to the office – and they will only tolerate the commute for so long before they look for something in the city again. Additionally, we will see people yearning to be back in the core as sporting events, concerts, and live theatre starts up again.
Semi-detached homes will be in high demand as they are still much more affordable than detached homes and they offer more space than most condos.
Those thinking about moving into a semi-detached home in Toronto should not wait as the longer they do, the higher the final price tag is going to be.
The price of detached homes has soared over the past 18 months, but while we do not expect homeowners to lose any value, we do see the rate of this increase slowing come fall. Families purchasing detached homes typically want to be settled in before the kids start their school year.
So if you’re looking at the detached home market, and can afford to wait – then looking later in the fall might give you the advantage of having less competition from other buyers.
Condos are going to be another hot commodity in the Toronto real estate market this fall. As people move back into the city, demand will grow. Additionally, condo buyers will be competing with investment buyers looking to purchase rental properties.
Over the summer months, we saw huge demand for rental properties as units had multiple bids and went for more than the asking price. We see this trend of investment buying continuing well into the fall.
Our advice for those looking to purchase a condo to live in or as an investment? Get into the market as soon as possible before it is flooded with buyers.
The pre-construction condo market in Toronto is a segment that is just waiting to explode. During the pandemic, many developers had to delay their projects but now with the fall season ramping up, they are ready to go.
We predict that pre-con builds are going to be snapped up fast, so if you are looking for a pre-construction condo, we highly recommend that you start working with a real estate broker now who can provide intel on the best projects to invest in.
Contact us today!
No matter what type of property you are buying or selling, we are here to provide you with expert advice and help you get the most favourable outcome. Contact us today to discuss your real estate goals for fall 2021.