On January 18, 2016, the Toronto Real Estate Board launched its inaugural Market Year in Review & Outlook Report at Toronto's Parkview Manor.
On hand to present were Benjamin Tal, CIBC World Markets Deputy Chief Economist; Jason Mercer, TREB's Director of Market Analysis; Sean Simpson, Vice President, Canada, Ipsos Public Affairs; Bryan Tuckey, BILD President & CEO; George Carras, Founder of RealNet Canada Inc. and President of RealStrategies Inc.; as well as TREB CEO John DiMichele and TREB President Mark McLean.
2016 a transitional year for the global economy
Tal kicked off the proceedings with an overview of global economic conditions and how they relate to Canada, including a discussion of how economic trends in the year ahead will impact the real estate market. Tal called 2016 a year of transition for the global economy and stressed the need for the real estate industry to provide consumers with more information about the market.
2016 could be another record year for the market
Next, Mercer and Simpson took the stage to provide the audience with a 2015 year in review and 2016 market outlook that was punctuated by never before seen results from two TREB-commissioned Ipsos Reid survey of recent and intending home buyers. In looking forward to the year ahead, Mercer suggested that whether we have another record year or the best year on record will depend on two things: the direction of borrowing costs and the availability of listings. Meanwhile, Simpson shared Ipsos results that demonstrated first-time home buyers will represent a large share of transactions in 2016, suggesting that GTA households remain confident in home ownership as a long-term investment.
The future of new homes will be "taller, smaller and more expensive"
Tuckey and Carras provided the audience with a glimpse of trends in the new home market and insight on what it is like to build within today's policy framework. Tuckey highlighted the challenges faced by the new home industry in today's land use and regulatory policy framework while Carras demonstrated how new housing stock is getting smaller and more expensive, saying the future of the new home market will be "taller, smaller and more expensive."
Improvements in transit, public infrastructure and housing key to GGH competitiveness
Finally, TREB CEO John DiMichele and TREB President Mark McLean discussed what makes the Greater Golden Horseshoe region great and what it will take to continue to improve the region's competitive position on the world stage in the future. They urged all stakeholders to stop thinking in silos and to work collaboratively to improve transit, public infrastructure and housing options and affordability.
You can view a copy of the report at TREBhome.com or check out a highlight video from the event here.