Hot Canadian Housing Markets

Feb. 2016

 

This video is courtesy of CBC and touches on a few key housing metrics with an emphasis on demand, enjoy:

Great 6 min video

 

The Housing Market in Toronto is HOT!

Even new mortgage rules are not slowing things down in Toronto and Vancouver.

With low, low interest rates and chronically inadequate housing supply bidding wars are popping up again all over again (actually, they never went away), with a vengeance from West Etobicoke to Eastern Scarborough.

Envision if you will… fist a’cuffs on Black Friday at Walmart – that is the kind of demand for scarce housing that is out there. No fist flying please… we are polite Canadians!

As freehold homes continue to become less affordable weary and price fatigued buyers are sliding down the price ladder, and migrating to semi-detached housing, condo townhouses and other condo low-rise.

The mantra is changing – we used to say real estate is all about Location, Location, Location…
well, in the top two Canadian Markets and the new mantra is Demand, Demand, Demand.

Housing demand is far out-stripping housing supply in Toronto. This is not a new development either, it has been going on for a while.

As a popular TV Show has famed the question… are you going to LOVE it or LIST it? – More families are deciding to love it… ie. instead of moving they are deciding to make do with what they have. Maybe hire a contractor to finish the basement, or install a modern kitchen, how about adding a 2nd or 3rd level to your house? People know if they sell their house it will be no easy task to buy another one.

Economics BLOG – here