June 2023 Market Update

The housing market in the Greater Toronto Area (GTA) is on fire again. On the bright side, more houses were being sold. But here’s the catch: there weren’t enough houses available for all the eager buyers out there. It’s like trying to fit a giant puzzle piece into a teeny tiny space!

Competition among buyers went through the roof, making it harder to find a home sweet home. So, it’s no surprise that the average selling price skyrocketed to nearly $1.2 million last month. That’s enough to make your piggy bank shake in its boots!

Read official Toronto Regional Real Estate Board Report in this LINK.

Canada loves immigrants and their positive impact on the economy and population. In the next three years, we’re expecting a whopping 500,000 new immigrants annually. That’s a lot of new friends! But here’s the catch: where are they all gonna live? And what does it mean for home prices and rentals, especially in places like the Greater Toronto Area (GTA)?

The GTA, known for its cool opportunities and diverse culture, is gonna have a population explosion soon. Have you noticed the traffic, the busy streets, the lines everywhere? It’s just starting. These new immigrants will be a big part of our community, so we gotta find them some nice homes. But guess what? There’s a problem again!

The number of new houses being built is actually going down compared to previous years. Builders are facing challenges, like high-interest rates and projects that are stuck. This means fewer houses to go around, and when demand is high, prices go up, up, up! It’s like trying to find a bargain at a fancy boutique sale – not easy!

Now, let’s talk about the consequences of this situation. Home buyers will face a tough time affording a home. It’s like chasing a unicorn on a tight budget – not gonna happen!

But wait, there’s more! The rental market is gonna feel the squeeze too. Newcomers need a place to crash when they arrive, and with not enough rental units available, it’s gonna be like trying to find a parking spot during Boxing Day at Vaughan Mills in 10 am – good luck! Competition will be fierce, and rents will go through the roof. Oh, the joys of the never-ending housing talk!

So, let’s hope that the powers can get their acts together and start pumping out more houses like there’s no tomorrow. If we don’t catch up with the growing population, it is not going to be fun. For us, for our children and for those who want to enjoy living here.

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