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Are Toronto House Prices Increasing or Decreasing in 2021?

High demand and low inventory have created an unlikely housing situation in Canada: booming house prices. This scenario is expected to carry-over into 2021 as lifestyle changes bring some people into cities and encourage others to search for more space. And Canada's most populous city is not immune to these changes, with Toronto house prices reflecting shifting priorities.

Are Toronto House Prices Increasing or Decreasing in 2021?

The answer is increasing, as housing supplies continue to drop and demand rises. This is owed to immigrant homebuyers who are expected to enter Toronto for educational purposes. First-time homebuyers are also likely to move into the city in hopes of finding affordable condominiums, which still reflect a buyer's market thanks to diminished demand. The rest of the market, including single-family homes, continues to favour sellers.

Toronto housing prices are expected to climb by an average of 6% in 2021. Forecasts for condo prices, however, suggest a stall at an increase of less than 1 percent. This upward mobility is expected to spread across Canada, with home prices projected to rise by 5.5% to an average of $746,100. Condominium prices are similarly expected to climb a modest 2.25% to $522,700.

Desirable Areas

Although Toronto will likely see a spike in home prices, it falls a little short compared to numbers forecasted for other areas. The key is in location; many Canadians are seeking larger, more spacious homes they can also work from. The COVID-19 pandemic has given way to fewer people commuting to offices. As this trend persists, people find they have the flexibility to work from anywhere and thus want to explore their options.

Retiring baby boomers likewise want out of congested cities and to settle into quiet but convenient towns. Those areas expected to witness above-average home prices include:

  • Vancouver 
  • Halifax
  • Ottawa

Moving Out of the City

Suburban neighbourhoods in Vancouver are also expected to be top performers with their access to outdoor space. An August 2020 survey echoes this sentiment, finding that 32% of Canadians want to relocate from urban centres into small towns or the suburbs.

Recreational Housing

Forecasters also anticipate an 8 percent jump in the average price of recreational properties. Eighty-six perecent of recreational regions now report insufficient home inventories as buyers look to work remotely from farmlands, seaside cottages, and ski chalets.

As little as two years ago, shoppers sought these properties to relax on the weekends. Now, however, attitudes have shifted, and buyers seek recreational homes not as holiday getaways, but as their primary residences. The following illustrates how prices have risen, on average, in the last year:

  • Single-family recreational homes are up 11.5%
  • Recreational condos are up 9.7%
  • Waterfront properties are up 13.5%


Home market activity will likely be driven by a combination of move-over and move-up buyers as prices across Canada, including in Toronto, continue to rise. For more information on buying or selling your home, contact Nancy Pierce at 416-985-1486 or Dave Duncan at 416-894-4079.

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7 Real Estate Terms Everyone Should Know


From contingencies to Addendum to dual agency, there are so many real estate terms that it's easy to get lost. At GTA Selling Real Estate, we believe in making your house buying/selling process smooth and successful. To that end, we've created a list of the top 7 terms that'll allow you to confidently navigate the real-estate world and achieve your housing goals.

7 Real Estate Terms Everyone Should Know

1. Gross Scheduled Income

Sometimes referred to as potential gross income, Gross Scheduled Income (GSI) is an estimate of the highest possible annual rental income a rental property would generate if 100% of rentable space was rented.

2. Comparative Market Analysis (CMA), or Real Estate Market Analysis

CMA is a process where a real estate agent or appraiser compares the subject property to active listings, pending sales, and recently sold properties in the area so as to derive its real value. CMA reports help sellers to understand the current housing market, enabling them to set realistic prices for their properties.

CMA reports also help buyers respond with counteroffers that are still strong enough to keep the sellers interested.

3. Addendum

An addendum, also referred to as “amendment,” is a form attached to and made a part of the original purchase and sale agreement/contract. Typically, it is either a more detailed and more comprehensible explanation of specific provisions or sections in the agreement or a proposed change to the agreement.

Addendums are very powerful and can completely change the terms that were in the original purchase and sale contract. An addendum also must be signed by the buyer, seller, and witnesses for it to be legally binding.

4. Contingency

This is a provision or section of the purchase agreement that makes it clear that certain stipulations or actions must be met for the transaction to keep moving forward and eventually be finalized. If the contingencies in the contract are not met, the contract can be declared null and void.

Some of the most common real estate contingencies include appraisal contingency, closing date, satisfactory walk-through, and sale of the old home contingency.

5. Listing Agent

This is a term used to refer to the realtor who represents the party that wants to sell their property. A listing agent helps the seller invest in the right repairs, set the asking price, stage the house, and market the house.

6. Buyer Agent

As the name implies, this is an estate agent who represents the buyer in the house-buying process. A buyer agent helps look for property that suits a buyer's needs, negotiate the most favourable buying terms, and ensure the buyer buys a property at the best possible price.

7. Dual Agent

A dual relator is a realtor who represents both the selling party and the party that's buying the property -- it's as simple as it sounds.

Got all that? Bookmark this glossary list and come back to it whenever you need to. If you need help with buying or selling a home in Toronto, experts at GTA SELLING Real Estate are here to help. Contact GTA SELLING Real Estate today for more details.

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4 Ways Toronto Realtors Can Help You Make the Best Decision


Making the choice to buy or sell a house is a huge decision, and it comes with many complicated processes that can be difficult and confusing. Fortunately, working with a realtor can help simplify these processes and make the home buying or selling experience a pleasant one. There are many ways Toronto realtors can help you make the best decision.

4 Ways Toronto Realtors Can Help You Make the Best Decision

The Hunt

If you are a house buyer, the top way a realtor can help you make a good decision is during the house-hunting process. You probably have a whole list of features your new house must have and a list of things that would be nice to have. A key responsibility of a realtor is to help you clarify what you want most in a house so they can scour the market to find options that meet your needs the best.

Your dream house may not align with your budget, but a realtor can find you properties that come as close to fulfilling your dreams as possible while still being in your price range. Your realtor will keep your expectations realistic and make sure you get into a house that you're happy with, but which won't break the bank and leave you in trouble financially. You can get carried away with house hunting, but a realtor will keep you reigned in.

The Negotiation

Not everyone is a born salesman and not everyone enjoys negotiations. Having a realtor means you don't have to negotiate directly with the other party, whether you're the buyer or the seller. Buyers, of course, want to pay as little as possible, while sellers want to get the most for their house as they can. A realtor represents the desires of their client and will negotiate in that client's best interests, knowing that some concessions will have to be made.

Speaking of concessions, a realtor knows what constitutes deal breakers and what types of things can be compromised on. For example, if a severe foundation issue comes up during inspection, your realtor knows that this is not something that can be ignored by the seller. It must be fixed or the price must be reduced. Negotiating this yourself is tricky, but a realtor knows the ins and outs of the entire process and will help you make a good decision.

The Inspection

Most home buyers and sellers are not experts on home construction, so the inspection process can be a bit complicated. Fortunately, realtors know exactly what to look for during an inspection and will even attend the actual inspection if you request it. In fact, it is part of a buyer's agent's job to attend the inspection so they know what the issues are and can use them to negotiate repair requests or a reduced sales price.

The knowledge that a realtor has is the main perk of having them negotiate inspection issues on your behalf. They have seen just about any issue you can imagine and are able to estimate what each repair is worth, saving you a lot of time and stress.

Buying or selling a house is probably one of the biggest moves you'll ever make. Give Greater Toronto Area Real Estate a call today and our knowledgeable real estate agents will help you make the best decisions for the entire buying or selling process.
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Buying a House in Toronto? 10 Popular Mortgage Terms You Should Recognize


In Toronto, the real estate market has seen a continuous sales boom, thanks to favourable economic factors and large consumer demand. A mortgage can help you purchase a house in Toronto without paying the full purchase price beforehand. Since mortgages typically involve long-term payment plans, you should learn how mortgages work and the different terminologies used in mortgage lending.


10 Popular Mortgage Terms You Should Recognize

1. Preapproval

A preapproval is a document from the lender that informs a borrower how much they have been approved for in a home loan. Lenders usually evaluate the borrower's income, credit score, and assets to determine how much they can borrow.

2. Foreclosure

Foreclosure is a legal process in which a lender sells a mortgaged property after the borrower fails to meet the mortgage's terms to pay a borrower's defaulted loan.

3. Appraisal

An appraisal is the evaluation of a home by a licensed appraiser to determine its current market value.  An appraisal provides the mortgage lender with an assurance that you're not applying for more than the home's value.

4. Down Payment

A down payment is the portion of the purchase price that a borrower pays upfront toward the home. Most mortgage lenders require some down payment and often list it as a percentage of your loan's value.

5. Escrow

Escrow is an account set up by a lender where the home buyer pays for various property-related expenses such as homeowner's insurance and property taxes. Although some lenders incorporate escrow payments to the monthly mortgage dues together with interest and principal, you can opt to make these payments directly without using escrow.

6. Amortization

Amortization is the reduction of the amount owed by making consistent monthly payments. Each payment a borrower makes, part of it goes toward the principal and the other toward the interest.

7. Closing Costs

Closing costs are the fees paid to the lender when a home is refinanced or purchased. Closing fees include the appraisal fee, loan origination fee, title search and title insurance fees, pest inspection fees, and taxes.

8. Home Owner's Insurance

Homeowner's insurance protects you against financial losses if your home or its contents get damaged or destroyed by unexpected hazards. Some of the perils covered include fires, windstorms, and burglary.

9. Balloon Mortgage

A balloon mortgage is a loan type where the borrower makes small payments for a given period (usually 5-7 years) and then makes a final, larger-than-usual payment at the end of the loan term.

10. Equity

Equity is the fair market value of a home minus the outstanding balance of any existing mortgage.

Buying a home is an exciting investment – and the more you learn before buying your home – the better decisions you'll make! Now that you've learned the most commonly used mortgage terms, reviewing mortgage options should be a walk in the park. If you need help with buying a home in Toronto, contact the experts at GTA SELLING Real Estate to get more information about the real estate market in Toronto.
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Selling Your Home During a Pandemic? Navigating the Toronto Housing Market in Uncertain Times


The coronavirus pandemic is creating a unique set of circumstances for nearly every industry. The received wisdom isn't always working these days, and if you're trying to sell your home during the pandemic, you need more than just general knowledge about the Toronto housing market. You need specific, real-time information about how things are playing out.

Navigating the Toronto Housing Market in Uncertain Times

1. Know What's Happening

The Bad News

There's no way to sugar-coat what's happening. The real estate market throughout Canada, and in Toronto, is reeling. Adjusted seasonally, the market for homes has fallen more than 66% since March.
 
Some of this is due to required social distancing, which makes it harder to get buyers in to look at a home. The economy has also taken a hit, driving down prices from March even as buyers decide to wait a bit before making a move.

The Good News

The good news is that the market is still holding its own. Yes, there has been a price drop since March, but the average selling price hasn't changed much year-on-year from this time in 2019, and the benchmark price rose by 10%.

This is due in part to the new reality of the home as the center of the universe. People are working from home, educating their kids from home, even attending parties and church from home. Home prices are stable in part because, even as the economy dips, the home is more important than ever.

2. Get Digital Assistance

Because things are changing quickly, it's more important than ever to work with someone who has their ear to the ground. You're going to need them to help you think outside the box.

Choose agents with a 24-hour-a-day online presence and the tools to offer digital solutions. Agents who are already connected and used to a digital environment will be ready to help you work around traditional marketing tactics that can't be used during a pandemic.

3. Develop Pandemic Strategies

Ask About a Video Tour

Now is not the time to be hosting an open house, but it's a great time to put together a video tour to upload with photos to MLS websites.

A video allows buyers to actually feel the layout of the home in a way static pictures cannot. While potential buyers will always have to come to see the place in person eventually, you'll narrow the field more quickly to the truly serious buyers by providing a good video.

Stay Clean

Clean your home between showings, and make sure anyone who comes to see it knows you're taking sanitation seriously. Make people feel safe about coming, and you'll get more serious inquires.

Learn to Use Teleconferencing

Another reason to work with an excellent local Toronto agent who can navigate the digital world? Technology allows you to do much of the process online--if you have the right tools. You can talk with buyers, hold negotiations, meet with your agent, and even sign contracts remotely.

Get the Help You Need

A great agent is always essential: that has never been more true. It is possible to sell your home quickly and for a reasonable price, even during a pandemic. Reach out to GTA Selling now and make it happen.
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Is Etobicoke Real Estate a Good Investment?


Real estate in the Toronto area has been more popular than ever in the last couple of years - Toronto and its neighbouring areas are the places to be for young people, growing families, and those who are interested in taking advantage of the easy commute options to get around the city. But is Etobicoke real estate a good investment overall? Yes, and we're happy to explain why.

3 Ways Etobicoke Real Estate Is a Good Investment

1. First-Time Buyers

First-time buyers usually put a lot of careful thought into investing in a house or condo that they plan to live for the foreseeable future. Fortunately, Etobicoke is a neighbourhood great for first-time buyers, including those with children.

If you've finally had enough with renting cramped apartments or you're ready to upgrade, Etobicoke has plenty of housing options near convenient public transit, markets, and schools.

New Developments Are Popping Up Everywhere

One of the most exciting things about Etobicoke real estate is the fact that new developments are on the rise, especially when it comes to condominiums.

A condo in this neighbourhood will be recently built with all the amenities and room you need, all without the competitive - and expensive - units available in Toronto proper. Condos in this neighbourhood are also ideal for commuters.

2. House Flippers

If you're a house flipper, someone who buys older properties and gives them a total overhaul for a better sale later one, then you should be pleased to learn that the housing in Etobicoke is particularly good if you can find a buyer who wants to upsize from a smaller residence.

Renovate Classic Residential Neighborhoods

The classic residential neighbourhoods in Etobicoke have seen a surge of renovations lately. Most of these renovations honour the classic structure of these homes while still modernizing their interiors to be more attractive to contemporary buyers: mainly families that are looking for more room.

3. Property Investors

For property investors, Etobicoke is probably your most exciting prospect right now. This is a neighbourhood gaining a lot of popularity recently and has a slew of new developments, businesses, and conveniences that are drawing more people to the area. This is why it might be time to strike while the iron is hot and invest in a property you can rent out.

Why Renting Your Property Out Is a Good Idea

Renting your property out is not only a reliable way to make steady revenue, but it also gives you more opportunities for investment. Rental properties allow investors to have tenants who are looking for affordable quality housing, which means you may soon be able to make another property investment.

Just remember to move fast to buy and renovate the property for rental - the real estate market here is hot and properties are sold quickly.

Etobicoke might be the most promising real estate in the greater Toronto area, which means it's an excellent opportunity for real estate investment. Whether you're a first-time buyer or you're planning on renting your property out, Etobicoke is swimming with new developments and opportunities. Contact GTA Selling Real Estate in Toronto, Ontario to learn more.
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