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2023 Greater Toronto Area Market Recap and 2024 Outlook

Updated: Apr 2

Year in Review

In the wake of a transformative year, inCAN has meticulously compiled insights and statistical data underscoring the dynamics of the real estate market, specifically a forward-looking perspective for our burgeoning operations in the Greater Toronto Area (GTA). Our analysis not only captures the essence of 2023's challenges but also heralds a period of growth and recovery for the GTA, bolstered by our strategic initiatives and proven resilience.


inCAN's 2023 Recap: Navigating Through Challenges

The year 2023 stands as a testament to the resilience and adaptability required in the post-pandemic economic landscape. The global pandemic's lingering effects, compounded by rising borrowing costs aimed at curbing inflation, have significantly impacted market stability and affordability. Despite these hurdles, inCAN's unwavering commitment to innovation and strategic foresight has enabled us to navigate these challenging times successfully. Our notable achievements , including the launch of The Unionville Condominiums in Markham, Ontario, exemplify our capacity to thrive amidst adversity. The 1st release of this landmark luxury condominium project, The Unionville, in the Angus Glen Community of Markham was very well received, and the 2nd release is forthcoming.


Looking Ahead to 2024

A Vision of Recovery and Growth

Our analysis anticipates a pivotal shift in monetary policies across Canada and to a greater extent in the United States, with a gradual easing of interest rates as central banks make strides in inflation control. This expected policy transition paves the way for a robust recovery in the residential real estate sector, compounded with cost stabilization, revitalized consumer confidence, and a surge in market activity. For instance, the Toronto Regional Real Estate Board (TRREB)'s 2024 Market Outlook projects a significant uptick in GTA home sales, forecasting a surge to 77,000 transactions from the previous year's 66,000, signifying a market ripe for investment and development.



The inherent strength of the GTA/GGH (Greater Toronto Area / Greater Golden Horseshoe) housing market, underpinned by solid economic fundamentals, is poised for a significant rebound, mirroring historical patterns of post-tightening recovery.


Markham’s Strategy for Growth

We are excited to see that Markham is leading the region in its economic recovery initiatives. Markham's strategy for economic development and culture is poised to set the city apart from other regions in the Greater Toronto Area (GTA) as it recovers in the coming year. The city announced a comprehensive strategy that includes focusing on growing Markham's economy through business attraction, growing the city's innovation ecosystem, nurturing the growth of new companies, investing in arts and culture, while expanding the creative talent pipeline. This forward-thinking approach underpins Markham's attractiveness and outperform its regional counterparts.


What’s Next?

inCAN's strategic foresight and innovative approach position us uniquely to leverage the opportunities presented by the GTA's real estate market. Our commitment to quality, affordability, and sustainability remains at the core of our operations, driving our vision for a prosperous future in real estate development. As we look out for new development opportunities in the GTA, not only we look at economics behind each project, but also how these developments fit into today’s rapid changing market. Our passion and ambition in the GTA real-estate market remains unchanged, and as we look ahead, our confidence in the market's resilience and growth potential is unwavering, underpinned by robust market data and a clear strategic direction.

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