Last week, I organized a group of realtors from across all brokerages to share their condo listings with one another in the hopes that we could drum up some additional interest for our sellers.
Afterward, we enjoyed a presentation by Pauline Lierman and Jasmine Young from Zonda Urban, one of Canada’s leading real estate research firms. Their presentation focused on where the housing market is today and where they believe it’s heading.
One of the most interesting takeaways was that while many of the headlines continue to paint a gloomy picture, the long-term fundamentals supporting housing in Ontario remain very strong.
Population growth has slowed from the record-breaking pace we saw over the past few years, but Ontario’s population is still expected to grow significantly over the coming decades. In fact, even under conservative forecasts, Ontario is projected to add millions of residents by 2051, and housing construction is still not keeping pace with future demand.
The presenters described today’s market as a “great housing recalibration.” Rather than comparing today’s conditions to the frenzy of 2021 and early 2022, they encouraged us to think about what a balanced market actually looks like. In a healthy market, homes don’t sell overnight, buyers have choices, and negotiations are common. In other words, many of the conditions we’re seeing today are actually much closer to normal than many people realize.
The condo market continues to be the most challenging segment of the market. New condo launches have slowed dramatically as developers struggle with rising construction costs and buyers who are unwilling to pay today’s pre-construction prices. At the same time, resale condo inventory remains elevated, creating opportunities for buyers who have been waiting on the sidelines.
Another interesting point was around affordability. While purchasing a home in Toronto remains difficult for many households, the rental market has become less constrained than it was a year or two ago. Increased rental supply and softer demand have helped create more balance for tenants.
So what does all of this mean?
For buyers, there are still opportunities, particularly in the condo market, where selection remains high and competition remains relatively low.
For sellers, realistic pricing is more important than ever. The days of simply listing a property and expecting buyers to show up are largely behind us. Properties that are priced well and presented properly are still selling, while those that miss the mark are often sitting on the market.
As we often say, there isn’t one Toronto real estate market right now—there are many. Understanding which market your property falls into has never been more important.
And don’t forget, if you need to buy or sell, please call Davelle.
My First Home: How to Buy Smart in Toronto
Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto.
Want to Make This Market Work for You?
As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help.
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