Along with recently arrived new Canadians, the country is set to welcome well north of one million new residents over the next few years. As Canada’s economic and cultural hub, a substantial portion of them will be settling in the Greater Toronto Area (GTA).

This fast-paced population growth is already impacting real estate in the GTA. However, with future projections indicating even greater growth down the line, Canada’s immigration targets will undoubtedly have a substantial effect on housing – impacting buyers, sellers, and investors alike. 

Rental Market Potential 

With some of the highest demand for rental properties in North America, the GTA has long had a red-hot, active rental market, promising a secure, high-return venture for investors. That said, as more and more new Canadians arrive, the rental housing supply will only become more limited and demand greater. 

By purchasing a dedicated income property in the GTA, investors can capitalize on high rental rates in the short term and be well set for exponential appreciation down the line. 

Considering the sale of your home or investment property? Explore these other resources from our blog. 

• 7 Important Steps to Prepare For the Sale of Your Toronto Property
• How to Get 100% of List Price in Your Toronto Home Sale
• How to Sell Your Home When You Have Tenants

What Buyers Should Know

For prospective home buyers in the GTA, time is of the essence. While there is currently a surplus of inventory and a more relaxed market, ongoing immigration to Canada along with future targets is bound to cause a surge in local housing demand – marking a return to seller-favouring conditions and making things more competitive and costly for buyers.

In other words, as a direct result of population growth in the GTA, today’s ideal buying conditions aren’t going to last. Therefore, it will be far easier for buyers if they choose to enter the market today rather than waiting a few months or a few years. 

What Sellers Should Know

While there is still plenty of market activity, GTA real estate is currently experiencing a period of relative balance – this is primarily due to the fluctuations in Canadian interest rates over the past two years. However, as buyers become increasingly more comfortable with the reality of lending in today’s economy, the market is only going to become more active. This factor, paired with an increase in demand as a result of a growing GTA population is great news for sellers. 

Should You Consider Keeping Your Home?

As a result of the GTA’s increasingly active rental market, there’s never been a better time to own a dedicated income property. With that in mind, some would-be sellers are opting to retain their home rather than listing it – converting it into a dedicated rental property after they’ve moved out. This allows them to earn steady, high-quality income which they can then use towards the mortgage of their next home. 

That said, this path isn’t appropriate for all homeowners. Given the substantive upfront costs that come with buying real estate in the GTA, you may need to sell your current home and unlock equity in order to purchase your next one. However, if you have enough savings or equity that you can tap into without selling, retaining your home could be a lucrative venture. 

Thinking about buying a home in the GTA? Explore these related blogs for insider tips on mastering your purchase. 

• What Can Be Negotiated During a Home Purchase?
• How to Maximize Your Buying Power
• Teardowns & Custom Homes in the GTA

Your Dedicated Experts

Whether you’re looking to buy a home, sell, or both, choosing the right real estate agent to work with is paramount. At Bahia Realty Group, it’s our mission to help you exceed your expectations. 

Leveraging our industry-leading expertise, we’ll teach you everything you need to know about the process and market so you become a confident, competent home buyer. Uncovering every single option – including off-market or privately listed homes, we go the extra mile to match you with the perfect property. If needed, we can also connect you with motivated lenders to help you secure the financial resources for your investment. 

Alternatively, if you’re looking to sell your home in the GTA, our industry-leading strategies ensure you enjoy a successful, high-return sale. Anchored by our 100% of list price guarantee, our unique selling tactics have proven effective in a vast range of market conditions and circumstances. 

Ready to discover a full-service low-risk real estate journey? Bahia Realty Group can provide you with a seamless process in one of the world’s toughest markets. Call 416-498-3444 or click here to send us an email.