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What we’ve had is a slight price set­back due to an out­side event caused by the gov­ern­ment.” PRE­DIC­TIONS MADE BY OUR SPRING PANEL

sur­pris­ing that con­do­mini­ums are hold­ing their own. In fact, apart­ment con­do­minium and town­home sales rep­re­sented 35 per cent of to­tal GTA res­i­den­tial sales between Jan­uary and July 2017.

Con­do­mini­ums are not avoid­ing a cor­rec­tion be­cause we haven’t had a cor­rec­tion. What we’ve had is a slight price set­back due to an out­side event caused by the gov­ern­ment. This is not a mar­ket-driven event. This is not some­thing that has hap­pened


due to mar­ket forces. This is some­thing that hap­pened be­cause the premier en­acted var­i­ous poli­cies to try to slow down the real es­tate mar­ket. Look to Van­cou­ver as to how that will ul­ti­mately work out. One year later Van­cou­ver has ex­actly the same is­sue as be­fore. Low sup­ply, higher prices. Buy­ers read the news. Some por­tion of buy­ers took a breather, hop­ing for a sub­stan­tial cor­rec­tion. This is why things cooled a lit­tle. They will be back in the fall or spring. They will likely pay more money for the same house. Con­dos are in a good po­si­tion be­cause they are typ­i­cally the af­ford­able op­tion. The On­tario Mu­nic­i­pal Board changes, and plan­ning de­lays have cre­ated a short­age of new units com­ing to the mar­ket. This short­age of new hous­ing will get worse be­fore it gets bet­ter.


Toronto is a very at­trac­tive des­ti­na­tion to live. We have 100,000 peo­ple, in­clud­ing new im­mi­grants, com­ing into the city on a yearly ba­sis. Right now con­dos are the most af­ford­able hous­ing op­tion for first-time buy­ers and young fam­i­lies.

Go­ing for­ward, gov­ern­ments should be fo­cus­ing on sup­port­ing the de­vel­op­ment of more “miss­ing mid­dle” type homes, such as town­houses, stacked homes and mid-rise build­ings, to give fam­i­lies more choice.


I think it’s a com­bi­na­tion of two fac­tors. First­time buy­ers are get­ting into the mar­ket, and con­dos are still an ideal en­try point. As well, Toronto ap­peals to peo­ple from around the world as a safe haven to both live and in­vest in.

Post City’s real es­tate round­table was held in March of this year

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