“The Toronto skyline has changed radically during the last decade, but the real estate boom isn’t over yet and things are set to get crazier still.
Just check out this projection of what Toronto’s downtown may look like in the coming years.”
Here’s some good perspective regarding reasons why the GTA landscape has and will continue to change for several more decades with pads in the sky.
The reality is that with over 100,000 people migrating into the GTA annually, each of whom will require a roof over their heads, and GTA housing demand will continue being very strong.
This is one of the real reasons for why Toronto real estate prices have been skyrocketing over the past decade, and why they continue to do so today. It is this, not foreign investors/buyers that is causing GTA real estate prices to keep on going up, not withstanding any black swan type of event.
As high-rise home construction continues to intensify, lowrise home supply will continue to decrease thereby further and more substantially increasing prices for low rise homes versus condos.
Below is some recent data from RealNet, which supports this. As the graph below clearly indicates, Greater Toronto Area prices for new low rise homes have gone up by more than 50% over the past four years, while prices for new condo units have gone absolutely nowhere over the same period. You can learn why here.
Like Mark Twain said: “Buy land, they’re not making anymore!”
Those looking to invest in real estate should think twice about investing in GTA condos and be weary of any so-called “experts” or real estate agents who try to peddle these as great real estate investment assets. You can learn why here.
Caveat Emptor (Buyer Beware)!