TRREB Forecasts Strong Demand for Real Estate in 2021 Highly-Anticipated Outlook Report and New Digital Digest Unveiled

 

 

 

TREB) is unveiling its must-read Market Year in Review & Outlook 2021 Report and eagerly awaited digital digest containing TRREB’s annual market outlook, up-to-date Ipsos consumer polling results, the most recent Altus new home and commercial statistics, rental market trends, research on innovative approaches to bring on more housing supply and mortgage market trends. “The pandemic certainly resulted in an unprecedented year for real estate in 2020, but it hasn’t put a damper on the overall demand,” said Jason Mercer, TRREB Chief Market Analyst. “Looking ahead, a strengthening economy and renewed GTA population growth following widespread vaccinations will support the continued demand for both ownership and rental housing. But over the long run, the supply of listings will remain an issue, particularly in low-rise segments.”

2021 Market Outlook

Combined home sales reported through TRREB’s MLS® System for the GTA, South Simcoe County and Orangeville are expected to reach 105,000. • Strong sales growth will be supported by continued economic recovery, including jobs and record or near-record lows for borrowing costs. • The pace of new condominium apartment listings will start to ebb, especially in the second half of the year. With low-rise listings remaining constrained, expect total new listings to come in at the 160,000 marks. • Market conditions for low-rise homes, including detached houses, will remain very tight, with sales rising at a faster pace than listings. • The overall average selling price for all home types and areas combined will eclipse the $1,000,000 mark for the first time, reaching $1,025,000 and representing a year-over-year increase of 10 % • While mortgage deferrals were initially a concern early on in the pandemic, Mortgage Professionals Canada does not anticipate any pronounced uptick in mortgage delinquencies that would create systemic concerns as we move through 2021. Most property owners who took advantage of mortgage deferrals did so out of an abundance of caution rather than financial necessity and therefore have resumed their regular payments.