Demand for single-family homes remains very strong in the GTA.
We’ve all seen prices for these properties rising 6-8% each year over the last decade. This is forcing first-time buyers or those looking for their first family home to consider other options like condos or townhomes.
The good news is that once more Baby-Boomers start downsizing, the supply of single family homes will open up and become more affordable for young buyers.
I don’t mean this as something to concern the baby boom generation- Toronto is a growing city, and popular family neighbourhoods will always be valuable. But as a new generation tries to move into these areas, prices can’t continue to rise as quickly as they are now.
According to a TD Economics report released in January, with demand so strong, it could be 2021 until enough aging homeowners choose to move into smaller houses to see prices flatten out a little.
For more information on this topic, call or email me any time, or check out the Toronto Star Article, GTA Housing Affordability Falling, “We’re not far behind New York“.