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Toronto Housing: Solving Supply Shortage with Innovation & Gentle Density (TRREB)

“As demand for ownership and rental housing increases, supply will continue to be top of mind. Governments at all levels must maintain their focus on pursuing innovative solutions to increase the amount and mix of housing supply to improve affordability. This includes removing roadblocks to non-traditional arrangements, such as co-ownership models to benefit home buyers, including first-time buyers and seniors. Encouraging gentle density, including multiplexes, is critical to helping high demand areas such as the Greater Golden Horseshoe to meet housing supply targets,” said TRREB CEO John DiMichele.
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🏡 Explore Toronto's market trends! Here's the latest stats on Toronto City and Midtown Toronto's Average Selling Price, sourced from TRREB's authoritative reports. Stay ahead of the curve with us! 📈🔍
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“Population growth has been at a record pace and with the anticipated lower borrowing costs, the demand for housing – both ownership and rental – will also increase over the next two years. Unaffordable housing not only has a financial impact but also a social impact. Recent research conducted for TRREB by CANCEA in our 2024 Market Outlook and Year in Review report underscores the negative impact of unaffordable housing on peoples’ mental health and life satisfaction. It’s comforting to see that there has been some real building happening in the GTA and that the provincial government is rewarding those municipalities that are working to eliminate the red tape and meet those homeownership needs,” said TRREB CEO John DiMichele.
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“As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said TRREB Chief Market Analyst Jason Mercer.
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“We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates. Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years. To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA,” said TRREB President Jennifer Pearce.
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✨ When you're ready, here's how we can help:
No-Obligation Home Selling Consultation: ​https://www.sellhigher.ca/
✨​Learn How to Buy, Sell, and Invest in Real Estate: ​https://sellhigher.ca/products/

Note that the Trust in Real Estate Services Act came into effect December 1, 2023. We are currently updating our content to reflect changes to how REALTORS represent clients and changes to required disclosure, bidding war practices and paperwork.

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