The Toronto Condo Market This Week – August 12, 2016
As Toronto temperatures rise, so does the red-hot condo market
The dearth of single-family housing has driven the demand for units even further, setting prices ablaze — figuratively speaking, of course.
Intensified foreigner influx to further heat up Toronto market - observers
The B.C. government’s newly implemented 15 per cent tax on foreign home buyers in the province will only compel wealthy overseas nationals to set their sights elsewhere, and possibly inflame the Toronto housing market even further, various observers stated.
This is the main driver of Toronto and Vancouver home prices (and it’s not foreign investment)
At least one economic research firm, known for its bearish take on Canadian real estate, isn’t sold on the argument that foreign investment is the main factor behind high-flying home prices in Toronto and Vancouver.
Soaring Toronto detached home prices drive demand for larger condo units
The high cost of low-rise housing in the Greater Toronto Area has families shopping around in the more affordable condo market, translating to increased demand for bigger multi-room units in high-rise developments.