by Ainsley Smith | Toronto Storeys
While Toronto has been known for having pricey real estate for decades now, those looking to enter the housing market for the first time can continue to expect affordability challenges for the foreseeable future due to persistently low housing supply and pent-up demand stemming from the COVID-19 lockdown.
Not to mention, for the first time ever, the average home price in the Greater Toronto Area (GTA) is now the closest it has ever been to reaching $1 million, after hitting an average of $943,710 in July. Based on the current trend in price growth, it’s within reason that the market could eclipse the $1 million average sometime this year, which is more than a little daunting for most first-time homebuyers.
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By Ainsley Smith