Toronto Real Estate Pricing Forecast 2020

26 February 2020
Remax-Condos-Plus

Our 2020 Forecast for real estate prices in the GTA was released in the first week of January. We called for prices to increase from a low of 1% to a high of 12%. Our explanation was that there was a shortage of good listings.

Now, two months into 2020, even we underestimated the shortage in listings. We are seeing not just multiple offers, but properties with 20 offers on them. Sale prices are going 50,000 and 100,000 dollars over list price. Not just on under priced properties, but on all properties that are priced at market. Last year the most common price range for condos was $400,000-$500,000 dollars. This year the most common price range is $500,000-$600,000, and that's just an entry condo.

In the 416, anything listed under a million dollars is attracting prices 15% higher than a year ago. The 1-2 million dollar market is also strong, especially in 416. The only market that is quiet is the over 2 million dollar market in 905.

Our guess on price increases this year, is anywhere from 5-20%. We don't like this market. When you encourage immigration to Toronto but it takes 10 years to build a Condo thanks to Government controls, this is what you get.


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