The condo market has become a hit in the past year, due to the relatively low prices compared to those of houses. Despite the widespread view that investment in single-family homes is the most worthy investment since the prices increase greater than those of condo apartments, the data shows otherwise.
Promenade Shopping Centre in Thornhill, Ontario, was purchased on Thursaday, April 20, 2017, by Promenade General Partner Inc., a business formed by the Serruya family and Liberty Development Corporation.
On April 20, 2017, The Ontario government introduced the Fair Housing Plan that includes 16 housing affordability measures for homebuyers and renters after two consecutive years of double-digit gains in the housing market that made the average house prices in the Toronto region reach $916,567 in March 2017, up 33.2 per cent from a year earlier.
Today’s high house prices and larger mortgages could make the next recession, when it comes, longer and deeper, warns a new report by CIBC Capital Markets co-authored by Avery Shenfeld, Chief Economist, CIBC Capital Markets, and senior economists Andrew Grantham and Nick Exarhos.
Most condo renters are aware that landlords may raise their rent, but the tenants in one of the condo buildings in downtown Toronto were unpleasantly “surprised” by their landlord with an increase they had not expected at all, and now some are looking for alternative housing.
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.
February was a record breaking month for new condo apartment sales in the GTA, while the number of new low-rise homes available to buy reached unprecedented levels of scarcity, the Building Industry and Land Development Association (BILD) reported on March 23, 2017.