Housing affordability is continued to dominate conversation in Greater Toronto Area housing market. As per new report by Urban Land Institute in the conjunction with PwC, called Emerging Trends in Real Estate Sector.
Laws of demand and supply lie at heart of surging the housing prices. Not only are the single family homes in low supply and high demand, but condo market in real estate market in Canada is beginning to see sign of strains, as buyers realize that they don’t have any other choice to settle for the skyward balconies.
Foreign tax buyer cooled in real estate markets of Toronto and Vancouver, where home prices grew but reports make suspicious players within real estate industry, one of those who believe that growth will continue without of with tax because of the natural growth. As per reports prices cooled down temporally before pushing and rebounding of condo prices in upward direction. A Book is also available on Real Estate Investing in Canada.
Those who were interviewed by reports parroted need for government to stay out of real estate market, except to address need for the increased supply. It is believed that approval process in real estate market in Canada is a reasonal supply which doesn’t keep up with the demands.
As number of people among millennial cohort in real estate expensive markets like, Vancouver and Toronto, this continue to rise as they live with roommates out of the necessity. As affordability compels them to forego rent and ownership. One out of three young adults live in Canada at least with one parent, as other get married and look to start families during shortage of inventory, they will get settled to live in condos. According to the Census data, 6.3% of Canadians live in the multigenerational households. A book on real estate in Canada is also available to know about tips and tricks to invest in Canada.
18 hour city is a secondary market. Where Tokyo, London, NYC and now Toronto are the 24 hour cities, it is the highest cost which has resulted in exodus to the smaller cities, like TN, Nashville, N.C, Raleigh, TX, Austin, which have grown in the vibrancy. Calgary, Vancouver and Montreal are being considered as 18 hour cities and this continue to stake all of their claims as emergent centres.
Transit infrastructure of real estate market in Canada is an integral to attain 18 hour city status and Hamilton is now planning downtown LRT. The only growth of condo is associated with condos in the recent years that have been popular, but they have been shrinking in the square footage. Need for large and family sized condos will buck that same trend.
Rental market in Montreal is as stronger as ever and Ontario already is suffering from shortage of rental units and this has reintroduced the rental control. Rental vacancy rate in Ontario is dangerously very low, and it is expected that it could may go worsen.