It’s a gloomy morning in Corktown and despite the mild late winter weather it looks like the spring real estate market is starting to unfold, no the crocus haven’t sprouted but listings are starting to pop-up and Buyers are shopping.
Although the latest stats to make the media don’t look that exciting lets explore what has taken place over the last year. In early 2017 we saw the real estate market take off like a Hwasong-12/KN17 missle and fall flat on it’s face, because the media had us believe that the foreign buyers tax was going to cause the market to plummet and it did, but did anyone notice it bounce right back up? If you look to Vancouver and what had taken place there, their market dived and then went even higher and if it weren’t for the new OFSI measures Toronto was just about to do just that. There were great buying opportunities in the Summer of last year and those who bought have done quite well. Some Leslievillians gained 33% in just 7 months!!
There are bigger fundamentals playing out in Toronto, aside from lack of supply and our cheap dollar, billion dollar businesses are moving their companies here and the need for housing has increased so much that the city can’t keep up. This is clearly economics 101 and it should’t come as surprise that everything has become so expensive. Long are the days when people come to Canada to build railroads or start farms, companies are moving their operations here and these companies need employees and those employees need places to live, we’re running out of space. Toronto is the 4th largest city in North America, times have changed and we’ve got to learn to embrace it.