After the 19th consecutive year of increases in average house prices, no signs indicate that 2016 will be the year to burst the so-called Toronto real estate market bubble. Senior economist with the Conference Board of Canada, Robin Wiebe, described a bubble as “when people buy houses purely for speculative reasons, with the sole motive of making money,” which is not what’s driving Toronto’s market now.
Steady population increases and economic growth within the GTA region are two of the strongest contributing factors in the market’s consistent performance. The consistency at which prices have increased is in of itself further proof there is no bubble, as the last crash in the 1990s saw average house prices doubling over just three years.
Another reason why the market is expected to continue performing well is that despite a record year for sales and the average price of a detached home in Toronto surpassing the $1 million mark, there are still affordable options to meet the ever-growing demand. Condo prices average half the cost of a detached home and remain a viable option for new home buyers, with condo sales up by 13% in 2015.
Click to read the 5 Reasons Toronto House Prices Won’t Crash in 2016 here.
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