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Find out Will House Prices Drop in GTA Read What Industry Experts Have to Say

The Canadian housing market has rapidly developed over the years and continues to grow exponentially. According to official data released by World Meters in 2020, the Canadian population comprises 0.48% of the total world population while having a population density of 4 per km sq. It is hence clear that the prime reason behind the expansion of the real estate and housing market of the country is certainly due to the growth of population over the recent years. 

As the number of people residing in the country is multiplying, there also has been an influx of housing arrangements accordingly. The data revealed by the 2016 Census hint over the Canadian regions having the highest demand for basic housing facilities. Here's what the data highlights; Greater Toronto Area comprising the highest housing demand rate at 19.1%, followed by Northwest Territories having 15.5%, Ontario at 15.3%, and Yukon at 15.2%. This particular data accumulated by the Census 2016 gives an idea of how important GTA is not only in terms of housing but also other aspects like transportation and communication, technological advancements, accessibility to city life, modernization, educational establishments and many others. 

What does GTA's housing continuum include?

The Greater Toronto Area or better known as GTA is considered to be one of the most significant housing communities across Canada. Over the years, this area has registered an all-around development in terms of lifestyle, cityscape, population incorporation, economy, politics and many more. The most interesting thing about this region is its overwhelming housing sector and the nature of its wider prevalence. GTA is not considered to be a cheap place to live and own a house, be it of any type. If home buying is a dream that you wish to pursue, make sure you go through the house hunting checklist that we prepared for you. GTA is for the riches and will continue to be so in the coming future. Luxury and glamour is what rotates around the housing market of this area. However, when put into consideration, GTA provides a much better environment than any other housing community in Canada and hence justifies the high soaring prices of its appealing properties. 

Toronto's housing continuum includes a range of varied housing types out of which the most common ones include government subsidised housing, privately owned properties, affordable rental facilities, transitional housing, social housing and emergency shelters advocated by the government. 

Read this blog: Complete House Hunting Checklist for Buyers 

What is the recent trend in GTA's housing sector?

Home prices in the greater Toronto area have risen sharply in recent months, prompting more potential buyers to pull out of the single-family home market. During the pandemic, GTA housing market news hint that most membership growth has registered in the face of the first wave of buyers. They need more workspace at home, as well as a separate space for both parents to work and their children to study.   

With rising home prices, many renters are beginning to worry about missing another spike in home prices. First-time homebuyers who are eager to establish equity have entered the condo market. A recent survey conducted by CIBC hints at the prediction that more than 20% of people are expected to return to office in the coming days who are currently working from home. Additionally, Toronto expects the vast majority of students to return to school full-time. This indicates that immigration to the suburbs and rural villages can recover.  

Will house prices drop in GTA? 

The Greater Toronto Area is highly recommended for housing as it is an ideal place for residence as well as an all-time favourite of new immigrants who come into the country with a settled job. In a situation where GTA is one of the most preferred and significant housing communities in Canada, it is quite obvious for the prices to be high. Industry experts believe that GTA is going to grow more than now in the coming few years, which will also lead to rapid hikes in price in a direct proportionate manner. Despite the global pandemic firmly hitting the Canadian real estate market in 2020, yet a drop in housing prices in the entire nation seems to be a distant dream that many new home seekers dream of. Condo for Sale Toronto

In a situation where the prices do not hint on hitting a low, new homes buyers should not hesitate but rather take over their preferred properties as soon as they can as each passing day is going to cost them a little more than their planned budget; such is the craze of housing properties in and around the Greater Toronto Area! If you wish to reside in and around GTA but lack funds to own a house, then consider renting a property. As the community is high in demand, there are many homeowners who have put their properties for rental. In comparison to owning, rentals will cost you much less while giving you the audacity to live and enjoy being a resident of the GTA.