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However, the region faces a “triple challenge” of affordability, the range of housing and traffic jams
Published 05. February 2025 • Last updated 2 days ago • Read 2 minutes
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A house for sale in Toronto, ont. Photo by Peter J. Thompson/National Post files
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The Toronto Regional Real Estate Board (TRREB) predicts that 2025 will be a buyer -friendly year for the Greater Toronto (GTA) real estate market, but the visibility of the region as a good place to live, work and business is confronted with a “triple challenge” , of affordability, housing and traffic jams.
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Since immigration continues to drive the demand for housing in the GTA, said John Dimichele, Managing Director of TRREB Transit and Housing Construction projects.
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“In order to maintain this dynamic, we have to make sure that the GTA remains an attractive place to live and work, which is supported by robust infrastructure and affordable housing buildings,” said Dimichele from Trrebs annual market outlook and year in Toronto on February 5. “This growth underlines a need for thoughtful urban planning. This not only includes living, but also employment plans. “
Trreb predicts the average sales price of all homes in 2025 1.14 million US buyers could be encouraged to jump into the market.
A IPSOS survey commissioned by Trreb on purchase and sales intentions showed that 28 percent of the respondents have information to buy a house in 2025, with first buyers made up for 42 percent of the intended home buyers.
Jason Mercer, Chief Market Analyst from Trreb, said that the board expects that 2025 have a more affordable market conditions for housing construction, since interest rates in interest rates are lower and the market is still “well delivered” – In particular, the condominium market, which is attractive to first buyers.
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“If I am a new home buyer who will be moved by the Rental and the real estate market from the sidelines in 2025, I will have a lot of choice,” said Mercer. “I will still have significant negotiating power, and more people will bring that onto the market. You could not only use lower credit costs, but also be able to negotiate a fairly good return with regard to the purchase price. “
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However, the real estate authority also warned that the market campaigns enriched by the Bank of Canada interest rate reductions and the wave effects that they could have on the concern of Canadians about the economy, their own work stability and personal finances could become.
“I think – At least in the first months of the year until we get a little more clarity about where the demand is, ”said Mercer.
• e -Mail: jswitzer@postmedia.com
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