Now more than ever, the release of TRREB’s Market Year in Review & Outlook 2021 report is critical in unpacking how the year will play out. During the virtual event, attended by thousands, TRREB revealed the real estate market outlook for 2021, a review of the 2020 market year, and new research on critical issues impacting housing supply.
“With home sales increasing at a faster pace than supply, we’ll continue to see strong competition between buyers, including tightening condo market conditions. For the first time, we’ll be reporting an overall calendar year average price of over $1,000,000,” said Jason Mercer, TRREB Chief Market Analyst.
Tune in below to watch TRREB’s Chief Market Analyst Jason Mercer and Ipsos’ Vice President Sean Simpson talk about where the market is headed and consumer home buying and selling intentions.
Our interactive website highlights the sought-after takeaways from the report. The new digital digest also get you up to speed on what’s happening in the real estate industry, and how it’s driving the economy during the pandemic and beyond.
Looking back at the year we had, COVID-19’s necessary lockdown measures had a significant impact on the commercial real estate market. However, there’s cautious optimism the demand for office space will rebound in the future.
“While the traditional work environment was disrupted, the need for collaboration, teamwork and social encounters remain. We expect to see a new hybrid work model which will shape office demand and workspace design in 2021,” said Matthew Boukall, Altus Group Vice President.
As we move through the pandemic, housing continues to be top of mind for many people, and critical issues surrounding dwindling supply still linger. One way to tackle the lack of housing supply is bridging the gap between high-rise condos and detached homes, or in other words, by addressing the missing middle.
“If conversions of single-family houses for additional units were permitted, 300,000-400,000 units would be added to the city’s housing stock, and that’s a major contribution to the affordability problem,” said Joe Berridge, Urban Strategies City Builder and Planner.
Whether it’s easing current zoning and conversion restrictions to diversify housing supply, or increasing mortgage lending flexibility, looking ahead, we know there’s still work to be done at the policy level.
“Reintroducing the insurable 30-year amortization for first-time buyers would be a whole lot more assistive than the first-time home buyer incentive program,” said Paul Taylor, Mortgage Professionals Canada President & CEO.
With that said, the housing challenges and affordability issues in 2021 will be a familiar one. TRREB will further communicate with all levels of government and offer our recommendations on turning the GTA’s housing challenges into long-term solutions.
Discover more insights from the Market Year in Review and Outlook 2021 report in two ways. To view highlights visit the digital digest, and to delve deeper into the numbers access the full report.