Toronto, the dynamic and rapidly growing city, continues to attract newcomers seeking opportunities and a vibrant urban lifestyle. With an estimated 700,000 new residents expected by 2051, it is crucial to address the housing needs of both current and future Torontonians. To cater to the diverse household sizes and compositions across the city, Toronto must offer a range of housing options. Unfortunately, while the housing market has seen substantial growth in mid- and high-rise apartment buildings concentrated in densely populated areas, the supply of low-rise housing, particularly multiplexes, has lagged behind demand. However, a recent development suggests positive changes on the horizon.
If you’re in the market for buying a home in Ontario as a first-time home buyer, having a pre-approval mortgage can significantly increase your chances of winning in a multiple offers situation on your desirable home. It can also help you determine your budget and save time in the buying process
Toronto’s real estate market has been on a wild ride in recent years, with the COVID-19 pandemic causing a slowdown in sales and fluctuation in prices. However, despite the challenges, the market has remained relatively resilient.
Canada needs to build more homes to keep up with immigration, incentivize municipalities to build within cities, and invest in affordable and social housing to avoid pricing Canadians out.
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