Is the Toronto Real Estate Market Following in Vancouver’s Footsteps?
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Speaker 1: Now here’s an interesting article from BuzzBuzzHome, Metro Vancouver’s two-speed housing market continues to face high vulnerability. What they’re talking about two-speed housing market is this idea that demand for attached homes and condos is significantly outpacing demand for detached homes. So the detached housing market is struggling, and the attached housing market, condos, semis, row houses, townhouses is doing very well and demand is high. We’re seeing a similar pattern in Toronto and it’s interesting that the more news that we get coming out of Vancouver and Toronto, there’s this strong sense that, Toronto’s about six to eight months behind the cycle in Vancouver. So that’s why I’m paying close attention lately to what’s happening in Vancouver.
But what I am most interested in this article is the fact that they’re talking about the demand is really growing in the outer areas, outside of the city of Vancouver, the more suburban areas and the more regional areas in the greater region itself. If you look around Toronto right now, those are the areas that are actually struggling the most. Your Markhams, your Richmond Hills, certain other pockets of the 905 are struggling in our market, whereas the core of the city is still very strong.
So, I believe that at some point this year in 2018, that is gonna shift and we are gonna see demands start to go back in to those areas. Prices have come down in those certain 905 pockets quite a bit, especially in the detached housing market. I do believe that in 2018, some point, if I had to guess, I’d say somewhere half way through the year, we’re gonna see that shift where the demand starts to go back into those areas as prices in the core have really driven up, and we will see demand pick up in those other areas. Another area in particular that I have my eyes on is Hamilton. I think Hamilton is a market to watch in 2018. I think as people are priced out of the city, they’re gonna continue to look at areas outside of the city and I believe Hamilton is one of those areas to watch.