With more than $1 billion dollars of real estate collectively sold, The Kevin Crigger Real Estate Team's white-glove service inclusive of a distinct and comprehensive pre-marketing plan curated specifically for each client and property, local and international marketing initiatives, quality collateral materials, and an extensive agent network across Ontario, have afforded their clients an edge in one of Canada’s most competitive real estate markets, whether buying or selling.
Here, Lead Broker Kevin Crigger gives an update on the 2023 Toronto market.
Haute Residence: What trends do you see for the Toronto market throughout 2023?
Kevin Crigger: I think 2023 is very obviously a period of adjustment. I think the pace of inflation and the interest rate tightening cycle that we’ve seen, in terms of lending policy, certainly will have an impact. I think we’ll see fewer transactions throughout 2023, even less than we did in 2022 which was already a period where transactions were much less than in the previous two years. But I think one of the key elements of Toronto, that fields the pace of the 2020 and 2021 markets, is the limited amount of supply that exists here. With substantial changes in the mortgage rates and a slower pace of sales, I think long-term Toronto presents an incredible opportunity in the real estate sector both as investments and as a place to live.
HR: Do you think it’s more of a buyer or a seller’s market right now?
KC: I think it’s very much a buyer's market because it’s a city of neighborhoods. Each neighborhood is unique and as such, the real estate market within each of them is unique as well. I would say it’s a market where there’s much better value to buyers today than there was two years ago. But in terms of the limited opportunities and the limited number of properties available, I think in some neighborhoods sellers still really have the advantage.
HR: What were the effects of COVID? Are they lingering still?
KC: Toronto had an incredibly restrictive lockdown period. With the closing of the Canadian borders, we had a lot more people, even than in other parts of the world, spending time at home. Based on that, the home became a much bigger focus for many, and we saw a massive pace of transactional volume during COVID.
During the early days, everyone was very unsure, and then as time went on the market really took off. We saw a substantial run-up in prices, we saw a tight level of inventory, and we saw the government at all levels looking at housing policy and finally recognizing that there is a substantial supply issue in the marketplace. So, from a long-term perspective, the positive effects of COVID are the recognition that supply is a big challenge in Canadian cities, specifically Toronto, and governments are starting to work collaboratively and address supply, cutting red tape, and allowing for housing developments to move along faster. But certainly, from a price standpoint, we saw a substantial increase in prices overall and despite some changes now and a softening of prices, we’re still seeing them at a substantially higher level than at the beginning of COVID.
HR: What do you see for the future of your market in five years, even ten years from now?
KC: I think you’re going to see a market where there’s been larger investment in transit that will actually be online and usable more so than we’ve seen in a couple of generations. I think it’s going to make areas of the city much more accessible than they were in the past. We’re seeing a substantial amount of development occurring and there will be a completely different skyline of the city, not only in the downtown core but in submarkets throughout the Greater Toronto Area.
Photo Credit: Shutterstock
From an investment perspective, despite the fact that we’re going to see more housing, we’re also going to see substantial levels of immigration and the level of immigration will substantially outpace new supply coming to market. So, I think you’re going to see a much more expensive marketplace long-term, but one of the amazing elements of Toronto is that you’ll still see a very livable city that’s incredibly safe, very diverse, and really offers all of the things that any world-class city would offer.
HR: Why should someone buy in your market?
KC: For long-term stability, safety, security, and access to incredible cultural and educational institutions. Toronto is really unique in Canada, and in many ways unique in the world, as it’s a big city that still feels like a small town. The population has obviously grown, but there’s a great deal of interconnectedness throughout the city. One of the parts that I absolutely love is that you can experience the best of every type of food or culture by visiting various neighborhoods throughout the city. We have an incredible Little Italy, there’s Chinatown, and Little Portugal, and the diversity of people and opportunity is something I really love about Toronto.
For more information, please contact Kevin Crigger at 416-837-3296 or email@example.com
Kevin Crigger is one of the exclusive agents representing the Toronto real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.