Real estate growth in Toronto continued to grow in June amid COVID-19, but the numbers remained below the March 2021 peak. Experts predict healthy growth in the upcoming time as the total sales are up by 28.5% this June compared to June 2020, as per TRREB.
Based on TRREB data, 11,106 property transactions took place in the GTA area in the last month. Despite the COVID-19 impact, the GTA real estate market gave an excellent return on investment as the demand surges year-over-year.
Buyers Taking Keen Interest in GTA Real Estate Investment Opportunities
There are several reasons behind GTA real estate catching up with the pace. The average selling price in June 2021 rose by 17% compared to June 2020. Considering the whole GTA area, the major year-over-year sales growth came from the condo apartment category.
“We have seen market activity transition from a record pace to a robust pace over the last three months. While this could provide some relief for home buyers in the near term, a resumption of population growth based on immigration is only months away. While the primary focus of policymakers has been artificially curbing demand, the only long term solution to affordability is increasing supply to accommodate perpetual housing needs in a growing region,” said TRREB President Kevin Crigger.
As per the TRREB market report “While price growth continued to be driven by the low-rise segments of the market, it is important to note that the average condominium apartment price was up by more than eight per cent compared to June 2020, well outstripping inflation.”
Experts Predict Higher Demand in Real Estate
The Canadian government is planning a series of improvement policies that will benefit the real estate industry. By 2021 end, around 401K immigrants will settle, and the number will cross 1.2 million by 2023. With this population growth, the demand for real estate will outgrow this year’s sales record. As much as 60% of the immigrants are skilled professionals, the competence to own property will see huge growth.
The Right Time to Buy Property in GTA is Now
As demand increases, the real estate price will also grow in future. It’s the right time to invest in GTA real estate and take advantage of this market movement.