The Toronto Real Estate Board has published its inaugural Market Year in Review & Outlook which includes brand new data from Ipsos Reid on recent and intending home buyers. The polling firm’s president Sean Simpson says that there are still a lot of new buyers in the market: “12 per cent of GTA households are very likely to purchase a home over the next year. First-time buyers accounted for approximately half of intending buyers. This includes young people aged 18 to 34, who made up the majority of intending first-time buyers,” added Mr. Simpson.
The TREB report predicts between 96,500 and 105,000 home sales in 2016 and could well end as a record breaking year depending on borrowing costs and availability of properties, especially in the low-rise sector. The average selling price of homes is forecast at between $655,000 and $665,000.
“For most home buyers, at least some of their purchase price will be covered with a mortgage. However, the Ipsos Reid survey found that a very small share of intending buyers was planning on down payments of between five and 9.9 per cent. This suggests that only a small percentage of intending buyers will be impacted by the mortgage lending guideline changes announced by the Federal Government in December 2015,” said TREB’s director of market analysis Jason Mercer.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: