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“We will continue to see bidding wars”: Fortress

Ben Myers, Senior Vice-President of Market Research and Analytics who has 15 years of experience researching real estate markets across North America, says that the fundamental driver of the Toronto soaring housing market is that demand has far outstripped supply.

“Fortress Real Developments (Fortress) is forecasting very high new and resale price growth in 2017, so we will continue to see bidding wars in prime established neighbourhoods,” said Myers after presenting the bi-annual report by Fortress on the Toronto-area housing market.

Among the highlights of the report that includes original research, surveys and data from several independent third-party sources, are:

  • There was a 12,000 unit gap between new homes launched in 2016 and sales as demand far exceeded supply;
  • Nearly 60% of developers believe urban containment policies like the Greenbelt and Places to Grow Act are responsible for high new home prices;
  • Nearly one-third of developers believe it will take them five years or longer to get approvals on suburban single-family housing developments;
  • Survey results suggest that developers and not hoarding residential development land;
  • The Halo Effect and how ignoring housing preferences leads to inefficient outcomes.

For more information click HERE.

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About CIJnews Staff

CIJnews Staff
CIJnews is an independent, dynamic and reliable online news source that serves the Canadian Jewish and Israeli communities and provides an uncensored platform for the spectrum of voices.

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