TORONTO, March 21, 2018 -- Today, the Toronto Real Estate Board will host the first of two Regional Economic Summits in Durham Region (York Region will be hosted on April 9) to discuss its market outlook, with updated consumer polling data from Ipsos Public Affairs and results from a recent economic impact analysis completed by Altus Group. This follows on the heels of a successful Toronto Summit and release of TREB’s third annual Market Year in Review & Outlook Report earlier this year on January 30, 2018.
Highlights of the updated Ipsos consumer research and market outlook include:
“The importance of the housing sector to the regional economies of the GTA is clear. All levels of government must be mindful of the potential impact of housing policies on the market, from the perspective of economic growth, jobs and government revenues. As we move toward a provincial election, TREB encourages all candidates to make their housing policy direction clear so that it may be debated. It will be especially important to hear policy directions related to the supply of housing in the GTA – an issue which has yet to be addressed with any concrete policy moves from any level of government,” said TREB President Tim Syrianos.
“The fundamentals underlying the demand for ownership housing will remain sound in 2018. Population growth will continue to be driven by immigration and job growth and will be sustained across a diversity of economic sectors. However, we must be cognizant of the fact that, in the short term, higher borrowing costs and the effects of federal and provincial policy decisions will act as a drag on demand for ownership housing, particularly in the first half of 2018,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.
In addition to analyzing how market fundamentals influence demand, supply, and price growth, the report also includes several sections with new research focused on improving our regional transportation network. Studies from the C.D. Howe Institute and the Toronto Region Board of Trade, as well as submissions from government policymakers, including Toronto Mayor John Tory and other GTA Regional Chairs and mayors, all serve to identify the main issues with, and present innovative, evidence-based approaches to, solving these problems.
“The transportation infrastructure in the Greater Golden Horseshoe needs improvement, especially if we’re to keep up with the demographic changes that continue to shape our region. This report is full of evidence-based research and data that can help to serve as the basis for implementing innovative and practical solutions to many of the transportation and transportation infrastructure problems we face today, which is critical, because waiting to solve these issues is not an option,” said TREB CEO John DiMichele.
The report also features sections on the New Homes and Commercial market segments, and presents exciting research on the “Missing Middle” in housing from the Canadian Centre for Economic Analysis (CANCEA), which seeks to provide a new solution to address ongoing housing supply pressures in the region.
The report is available for download at TREBhome.com.