GTA Real Estate Market June 2021 – Report & Future Outlook

Here is a synopsis of what has happened in the GTA real estate market over the last two decades. It is interesting to know that the GTA housing prices have been growing at an average rate of 9% per year since the year 2000, with an exception of last year.

As per the Toronto Regional Real Estate Boards stats, the average GTA housing price in May 2000 was $247,014, in May 2010 was $446,593, in May 2020 was $863,599 and in May 2021 was $1,108,453.

So you can see that in just one year, GTA housing prices were up by a whopping 28.4%.

There are so many reasons that can be attributed to this unrealistic gain (low interest rates, shortage of listings, lack of housing supply in the GTA, Federal Government’s quantitative easing which might have allowed properties being appraised for much more that their real values, people moving into the GTA  from other countries with high paying jobs).

So what’s going on now and what is expected to come?

Now the market is slowing down at a fast pace. Just in the last month, we have seen more listings and somewhat lower prices in the low-rise home segment. In a nutshell, it can be assumed that the GTA prices peaked in Feb or Mar 2021 and now they are slowly coming down.

In the long run, real estate is bound to go up, and could achieve GTA’s historical average price growth of approx. 9% per year.

No one has a crystal ball and it is very hard for any expert to predict about what’s coming next. Our housing market is somewhat driven by the Government policies in general (some if these factors are housing supply, interest rates, mortgage qualification criteria, tax rules, immigration quotas etc.).

Two things that can make our GTA real estate market remain strong always are: immigration and the lack of supply of land for large subdivisions because of the Places to Grow Act of 2005.

It is interesting to note that Canada’s population growth is returning closer to its pre-pandemic pace after coming to a near stop in 2020. Workers and students are entering Canada despite travel restrictions. Immigration into Canada has been a key driver of of economic growth and has a huge impact on everything, espacially the housing market. As per a recent BNN Bloomberg article on population growth, Canada has prioritized immigration despite the economic downturn, seeing it as necessary to counter the impact of aging demographics on the labor force. This year, the government is targeting 401,000 permanent residents to make up for missing its 2020 goal, hoping to put more non-Canadians already living in the country on the path to citizenship.

Read some FAQs concerning Mississauga housing market including Tips for First Time Buyers.

GTA Real Estate Market June 2021 – Top Builder New Project 

EX 3 – the 3rd Tower at The Exchange District 

GTA Real Estate Market June 2021 – Resale Condo Listing

NEW!! FOR SALE LISTING

2 BR 2 WR Condo For Sale at One Park Tower in Downtown Mississauga

Asking Price: $679,900

Size: 845 sq.ft.

Annual Taxes: $2,706.32

Monthly Condo Fee: $549.36

Gorgeous, bright & spacious NW corner unit at 388 Prince of Wales Dr, popularly known as One Park Park condo building, which is among Downtown Mississauga’s most prestigious buildings.

This immaculate unit comes with 9′ ceilings and offers breathtaking views from every room. You can watch a majestic sunset from the wrap-around balcony! Modern kitchen comes with stainless steel appliances and there are hardwood floors in the living/dining area. The unit comes with one parking and one locker.

You will be living just steps from the Square One Mall, Transit, Recreation, Schools, Places Of Worship etc.

Meet Our Clients

Our Team Bought, Sold, Leased and Booked many Homes and Condos in 2021.

Here is a breakdown of who our clients are and what they bought with us!

Our clients include: new immigrants who rent our landlords’ properties, landlords who used our services to find well-qualified tenants, buyers who are new immigrants with PR / work permit status, many young renters who bought their first homes in Mississauga, Brampton, Milton, Ancaster, Cambridge, and Waterloo areas, Middle-aged sellers who used our services to sell their existing homes and buy larger homes, Young and Middle-aged investors who bought their first, second or third condos or home with us; from a new builder or in the resale market, and finally some Older Canadians who are downsizing after selling their current homes with us.

Feel free to read the Google reviews of some of these clients about our services. Some of our Sold homes regularly get showcased on Toronto Star too.

Contact Team Kalia For Any Questions Regarding Investing, Buying or Selling