Podcast 32: What Will the Toronto Real Estate Market Look Like in 2030?

Podcast 32: What Will the Toronto Real Estate Market Look Like in 2030?

By 2030 Toronto is estimated to have a population of 8 million people, on its way to 10 million by 2045. Toronto will be one of the most diverse megacities if Ontario government projections are correct. In this video podcast, we'll discuss the 6 factors that could shape the Toronto real estate market over the next decade.

Where do you think we are headed? Do you think the density will bring us to ruins or will we become an even more thriving metropolis?

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  • By 2030 Toronto is estimated to have a population of 8 million people, on its way to 10 million by 2045.  Toronto will be one of the most diverse megacities if Ontario government projections are correct.  Toronto and the GTA will represent more than 50 percent of the provincial population, up from 47.8 percent in 2018, and account for 82 percent of the province’s growth.

    Hey it’s Kenneth Yim from Keller Williams, and if you like what what you see in this video, please give me a thumbs up and subscribe to my channel. If you’re listening to this in audio podcast, don’t forget to give me a review. I really appreciate it.

    It's difficult to predict with certainty what the Toronto real estate market will look like in 2030, as there are many factors that could influence its trajectory. However, here are some trends and projections that could shape the market over the next decade:

    1. Population growth: Toronto is projected to continue experiencing explosive population growth over the next two decades, which will fuel demand for housing. As mentioned in the beginning of this video, we’re expecting 8 million people by 2030 in Toronto, up to 10 million by 2045. 

    2. Housing supply: While population growth will fuel demand for housing, it's unclear whether the housing supply will keep pace. Even though we are building some beautiful buildings and mega communities, it’s still not enough to meet the growth. Toronto has been grappling with a housing supply shortage for many years, which has contributed to rising home prices. If the housing supply continues to lag behind demand, it will keep upward pressure on prices.

    3. Interest rates: Interest rates are a key factor in the real estate market, as they influence the cost of borrowing and the affordability of homes. While interest rates have been low in recent years, they could rise over the next decade, which could reduce affordability and potentially dampen demand.

    4. Government policies: Government policies can have a significant impact on the real estate market. For example, changes to mortgage rules or tax policies could impact demand and prices. It's unclear what policy changes ma y be implemented over the next decade, but they could influence the trajectory of the market.

    5. Economic growth: The strength of the broader economy could also influence the real estate market. If the economy continues to grow, it could support demand for housing and potentially boost prices. However, if the economy experiences a downturn, it could weaken demand and potentially lead to a correction in prices.

    6. We can expec t **further high-density, and interest in high-rise living for housing**. Demand for smaller living spaces will grow with more popular areas being those that maximize livability – quality amenities and common areas, – walkability and access to transit.

    Overall, while it's difficult to predict with certainty what the Toronto real estate market will look like in 2030, population growth, housing supply, interest rates, government policies, and economic growth are all factors that will influence its trajectory.

    Where do you think we are headed? Do you think the density will bring us to ruins or will we become an even more thriving metropolis? Let me know what you think in the comments below. Thanks for watching!

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