Toronto housing sales is expected to set a high record of 105,000 properties to be sold this year according to the predictions of the real estate board.
Although some parts of the world seemed to have a lot of housing shortage issues, Toronto's housing market seemed to flourish. They will have more units of properties to sell for the entire year. The Toronto Real Estate Board (TREB) is expecting to have around 96,500 to 105,000 units to sell for 2016.
They added that if the housing sales will rise up beyond the expected 105,000 residential properties for this year, they also predicted that the state could earn around $622,000 higher than the previous years. The amount is calculated to have around 9.8 per cent increase of the average price in the entire Canada, which is also considered the highest amount totalled.
Some parts of Canada such the Greater Toronto Area and parts of souther Ontario have been experiencing high demands of housing since the last year. In fact, it has becoming stronger than the last year's market.
Jason Mercer, TREB's director of market analysis, said that everything will depend on the "direction of borrowing costs and the availability of property listings." This means that whether or not these amounts will mark another high record for Toronto, yet it still boils down to the number of sellers who would list their properties for sale.
Another factor he also mentioned is the tighter mortgage lending rules as stipulate in the new rules from the federal government implemented in December last year.
If this will be the case for the state, there is a higher chance for the first-time home buyers to have a wider selection on the properties to buy for this year regardless of the mortgage lending rules. Based from the survey, the first-time home buyers range from 18 to 34 years old. Because of this, there is a lot more to expect for this group to buy houses regardless of the newly implemented rules.
It may have been tighter for this year, yet, for them, this won't matter that much compared to dealing with scarcity of housing units to settle in Toronto.
