The GTA Housing Market - What to expect in 2016

By Ashley Santos

Due to the uncertainty of oil prices which weighs on the Canadian economy, consumers are reluctant and potential buyers become intimidated with the 0.8 per cent bump for 2016 making it more expensive to buy, if you have less than 10 per cent.

GTA has now reached the 1 million dollar mark for the average fully detached home, leaving it extremely difficult for first time homebuyers. If you are “willing to commute you are more than likely to purchase an affordable detached home in the Great Golden Horseshore (GGH), such as Innisfil, Cambridge or Hamilton. If you plan to buy, now is the time as the prices are expected to soar to 17 percent by the end of 2017.

With housing affordability a concern, attitudes towards renting rather than owning are changing. A growing portion of the Canadian population ditching home-ownership aspirations and instead seeking rental units will provide new opportunities for investors.

Looks to be an investors market for 2016!!!