A Toronto Condo Now Costs What A Single-Family Home Cost 6 Years Ago. The average condo went for $561,097 in June of this year. To upgrade from an average condo to an average home would have required spending an additional $472,000. Welcome back to the one bedroom lifestyle - unfortunate reality.
Over the next 20 years almost 2.5 million new residents, or approximately 115,000 a year, will arrive in the GTA. Just to house them requires 55,000 new homes to be built every year plus roads and public transit to transport them, schools, stores and places to work. Now it takes 10 years to complete highrise project, and 11 years to complete lowrise project. As a consequence, the building industry was able to construct only 44,000 new homes in 2017, falling behind demand.
2018 trends in real estate? It’s the biggest test
(stress) and most significant challenge since 2008. Around 12% people will fail to be qualify for mortgages, 45% of those with mortgages will renew in 2018 with new rates. In demand low end and
high end properties, all in the middle stagnated. Builders slows to build. There’s almost 300,000 units overall that are approved and not yet built. The average price in downtown Toronto for a
new launch is $1,200 a square foot.
Mortgage rates are up, taxes are up and people start buying smaller. There’s a huge lack of new family-sized condos and apartments in Toronto. At the same time there are still lots of single family homes in suburbs with real backyards. For family oriented people (if they qualify for $600K-$800K) we would suggest to buy now, when prices not as high as in Toronto established neighbourhoods, especially if there are public transit (Go train) nearby.
Bank of Montreal is wooing homebuyers with a variable mortgage rate with the biggest discount ever by a large Canadian bank. BMO known for its spring mortgage specials is offering a five-year variable rate of 2.45 per cent until the end of May -- 1 percentage point below its prime rate.
Trend nowadays is not to build bigger, but to build better. More houses come equipped with solar-ready features and electric car plug-ins... However, what will be in demand forever are great interiors. Personally, we love the world of Charles:
This one of a kind hand crafted “Liberty” was created in Art Deco style by a smith who is well-known in Canada and in US not only among rich and famous. Oleg is our client and friend
and we highly recommend his wrought iron art for our valued clients: click here
and view this famous smith’s wrought iron masterpieces, as featured on CNN.
Scott Dickson imagined Toronto skyline in near future. It is stunning. Using statistics digests, researching where the buildings belong their elevation and Photoshop, he created this amazing image of TO in a decade. His skyline hobby is about celebrating the best of Toronto. Click on image to view fine details.