By: Giovanna Loureiro and Rhiannon Moller-TrotterThe housing market in the GTA continue to get higher while listing availabilities only gets lower. For the past few years we have been seeing housing prices go up, with nearly half of Ontario’s population living in the Greater Toronto Area. 2016 was a hot year for the housing market in many Canadian cities, but the GTA will be the strongest market in 2017.Many people wonder why prices keep rising and the main explanation is that there is a greater demand than there is supply. The most hopeful economists expect the market to cool down a little bit, but no one can deny that it will remain strong overall. With factors such as the strong investments of Asian and Persian home buyers, rising numbers of millennials hunting for a home, buyers competing amid a scarcity of listings, and the continuous fall of business investment in Ontario, many wonder when Toronto’s housing market will crash. The average home price in the GTA has not fallen since 1996, but they have increased by almost 20% in 2016 compared to 2015, meaning the market conditions in 2017 are extremely tight.The biggest issue, however, is that first-time homebuyer will face more difficulty buying a home. With the mortgage rules changing, they will be expected to give a bigger down payment while qualifying for higher mortgage rates. The reason behind this math is that the government reduced the number of mortgages that could be insured and, therefore, lenders want to compensate for the added risk by charging consumers a bit more. Many argue that whoever plans to buy their first home in 2017 might have to forgo their dream house and buy a cheaper home or, in the worst-case scenario, will have to continue to rent.Luckily, Anat Papp, Broker, can find you a solution by helping you decide which neighbourhoods and towns to focus on. If you’re a seller and you’re wondering if you’re going to miss the biggest payday of your life by not selling, she will also be able to help you.What should you do in order to keep ahead of the price increase? If you saved up to 30% of your gross annual income towards a down payment for a house you would have to make $130 an hour just to keep up with the price increase. It sounds insane, doesn’t it? So, we suggest a two-step approach:

Meet with Anat and voice your questions and concerns
Set a plan and follow through with it

With Anat’s guidance, the market will seem a less daunting. You can do it with her help! Contact Anat Papp today to rid yourself of all your housing worries.Anat Papp, Broker of RecordGreenfield Real Estate Inc, Brokeragemobile: 416-712-6807phone: 416-226-1020fax: 416-398-1021http://AnatPapp.com