This is what 2018 has in store for the Toronto Real Estate Market!

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2017 has been a year of rocketing high and plunging low prices for the Toronto real estate market. This new year looks like it will be much more balanced - but for how long?

Bullpen Research and Consulting president Ben Myers says that, "This time last year prices were in the $900,000s. We're going to see comparisons year-over-year that are that are going to look really terrible, and people will think the market is tanking."

But according to Myers, prices will balance in the first few months of the year as the market is adjusting to the new mortgage rules.

The new mortgage rules which have came into effect on January 1st, consist of a new stress test for uninsured mortgage borrowers.

Myers says that "The resale market is going to be fairly flat overall, and will likely stay within the $700,000 to $750,000 range on average." and "The new mortgage rules will impact how much people can buy, and will push them down the property ladder."

As for the new construction market? Well Myers predicts that pre-construction condos will continue to perform well, especially as first-time home buyers’ purchasing power is diminished by the new rules.

“New construction high rise is going to perform well, because investors are still bullish on Toronto,” says Myers. “Especially when you’re buying something in 2018 that is set for delivery in 2022.”

Myers says that by the end of 2018 there will likely be stronger sales. and also potential rise in prices.

Source: http://news.buzzbuzzhome.com/2018/01/2018-store-toronto-real-estate-market.html




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