16 April 2018

Even in Durham Region, which is considered to be quite affordable in this area, the prices are growing and houses are sold faster than at the year start, says Dennis Roberts, president of the Durham Region Association of Realtors.

“The demand is rising, even with the lower buyers’ capacity to purchase”, – noted Phil Soper, CEO of Royal LePage.

He admits there are cumulative effects of the mortgage stress tests introduced this year, higher interest rates and market decline caused by the implementation of a foreign buyers’ tax. However, in his opinion, buyers still believe they can afford a home purchase, they will just have to wait a bit.

Even with lower sales in the Toronto area, the demand is growing, he says.

There are many young people who had to live with their parents, as they couldn’t afford a separate home at that moment, and now they want to buy their own property. In addition to it, Canadians from other provinces are still attracted to Ontario, partially due to Toronto’s job possibilities.

“Ontario welcomed 25,000 new citizens last year, and most of them focused on the GTA. It’s a great increase from what we saw two years ago”, – noted Soper.