Predictions of a collapse in Ontario’s housing market have persisted for over two decades. While such a cataclysmic event has not come to pass, it has become very apparent that high prices are now a significant barrier to entering the ranks of homeownership. There are many factors that have helped create the current situation, but a major one has been a rate of home price growth that is out of sync with wage growth (wages increased 60.27% from 2000 to 2018, but the average cost of a home went up 350%). This current imbalance is expected to continue – if new government policies are not enacted to make the purchase of a home easier. Read the article below for a more detailed discussion of the topic:
Our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:
- How do I get my down payment?
- Can I use my RRSP for my down payment?
- How can I make the profits from my pre-construction purchases tax-free?
- What type of home or mortgage can I afford?
- Which incentives are available for first-time buyers?
- What is a PDI?
- What are the pros & cons of buying or selling an assignment before closing?
We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA’s home & condo markets. Check out our full series of real estate market watch reports, as well as our home & condo market outlook for 2021.