
November 28, 2024
Real Estate News
Canada's housing market has faced big problems, like high interest rates and rising home prices. This has led many people to wonder if owning a home is possible. However, a new report suggests a more hopeful view for 2025. It predicts more sales and higher prices in many parts of Ontario.
Only 36% of Canadians believe the housing market will get better. However, a new report indicates that lower lending rates and stress test rates could help first-time buyers. On average, home prices across the country are expected to rise by 5%. At the same time, property transactions may increase by up to 25%.
Ontario Housing Trends
Some areas in Ontario are set for significant growth:
Simcoe County: Prices could rise by 10%, reaching an average of $884,675, with transactions increasing by 25%.
Toronto: Sales are expected to increase by 12.5%. However, prices might only rise by 0.1%, averaging around $1,115,381.
Durham Region, Kingston, and London: Sales activity is expected to increase by 10-15%, and prices are likely to rise by about 5%.
Mississauga, Brampton, and Kitchener-Waterloo: Prices are projected to increase by 6%, with Mississauga reaching $1,129,878 and Brampton $1,072,630.
Sudbury stands out as the only Ontario region where buyer interest isn’t expected to rebound, though prices there could still rise by 5%.
Market Dynamics
The report suggests changes in the market. About one-third of the markets in Ontario may become balanced between supply and demand. Another third could lean towards benefiting sellers. Lower mortgage rates and longer repayment periods are likely to increase buyer confidence, especially for first-time buyers in more affordable areas. In expensive areas like Toronto, Simcoe, and York Region, "move-up buyers" are expected to take the lead in market activity.
Even with these positive forecasts, many people still find it hard to afford homes. In fact, 43% of Canadians believe that owning a home is beyond their means. The full report is available on blogTO.
Understanding Ontario's real estate market takes knowledge and planning. At Royal York Property Management, we offer property management services to help you get the best from your investment. Reach out to us today to see how we can help you with your real estate goals in 2025 and beyond.
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