Larry Weltman: Toronto Real Estate Services Expert Sees Resilience in GTA Housing Market

TORONTO, Oct. 24, 2022 /CNW/ - Delistings and sales declines in the GTA real estate market are masking fundamental strengths, according to Toronto real estate commission advance services expert Larry Weltman.

He sees a potential long-term pent-up demand from the pandemic continuing to fuel sales, and the enduring popularity of Toronto and southern Ontario among successful professionals from throughout Canada and across the globe.

Market strength is also supported by an existing housing shortage, increasing rents, and the current slowdown in existing housing construction caused by supply chain disruptions, increased construction financing costs and labour shortages.

"An inflationary and escalating interest rate environment does require a sober assessment of the real estate market today, but housing and construction will likely continue to be a solid bet far into the future," says Weltman. "Although irrational exuberance is not warranted, neither is pessimism."

"Of course in the short to medium term we may likely see further price declines with the current interest rate environment, inflation, and possible looming recession slowing short-term demand," he further added.

Larry Weltman cites a report from CIBC Economics, a research arm of the Canadian Imperial Bank of Commerce, indicating the savings rate for the average Canadian household is at an historic high. This is in part due to the fact that many Canadians benefited from higher income streams during the pandemic, but didn't have myriad options for spending the accumulated savings. This cushion is allowing many prospective buyers to afford a home purchase, even with higher interest rates, says Weltman.

DISCLAIMER

The information content provided above and in this release is made available strictly for general information purposes on the subjects discussed. And should not be construed as or used as a substitute for professional advice. Larry Weltman is not responsible for and is not liable for any damages or negative consequences from any action or application to any person reading or following the information contained herein. Readers should be aware to obtain their own independent professional advice from a licensed real estate professional on the subject matters as it pertains to them.

About Larry Weltman

Larry Weltman services Realtor clients at AccessEasyFunds, a leading Commission Advance Company. He established Weltman Consulting to help facilitate the ever-changing needs of Realtors and brokerages in Toronto, across the GTA and throughout southern Ontario.

SOURCE Larry Weltman