According to a new report from the Royal Bank of Canada, Toronto doesn’t have a condo bubble. Put simply, our condo supply does not exceed Toronto’s growth demands.
That doesn’t mean prices are expected to increase, on the contrary the reports prices possibly dropping 2 to 7 per cent.
Figures from Canada Mortgage and Housing Corp. (CMHC) show that 44,100 condo and apartment units were under construction in 2012 May. That is a record number of condos being built. On the flip side, single home starts are half their level from 10 years ago.
Supply and demand has dictated a trend, more people are shifting to condos. Maybe this has something to do with the baby boomers. Downtown Toronto has its benefits like TTC transit, amenities that are walking distance and most importantly HOSPITALS!
The report warns a cooling market as more new condos are complete, demand tapers, interest rates rises and tighter mortgage rules keeping the market under control. But no bubble…
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