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Housing Market Set to Remain Competitive in the Greater Toronto Area

Educated guesses and cautious optimism became prevalent in the Covid-19 world. Economists, governments, businesspeople and everyone else scrambled to try to figure out what would come down the pike. Many of those people on that frenzied quest to understand are doing so after being introduced to a perplexing housing market. There was, of course, the departure from apartments and condominiums and to single family homes as people who lived their lives largely in the outer world suddenly found the walls closing in during the shutdown. Backyard office sheds became a thing and peoples’ children needed dedicated workspace in light of school closures. Bidding wars became old hat as people fought with their pocketbooks for their dream homes. Life suddenly became much simpler and much more complicated in a matter of a couple of weeks. Many experts painted grim economic outlooks and are now walking some of those statements back. The world’s economies appear to be showing resilience and when Ontar
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Finding Opportunity in the Hot Toronto Market

It is a fascinating time for the North American real estate industry. Supply is depleted, prices are up and everyone from Boomers to Millennials to economic analysts and real estate experts are trying to figure out what will happen next.  Make no doubt about it – good old fashioned undeveloped lots are now far more valuable.  A vacant patch of land just hit the Toronto real estate market for almost $1 million. There is no infrastructure on it, which prompted the CTV News article. Much is ado in the Toronto housing market – including undeveloped lots selling for way more than many people would like or expect.  On the opposite side of the nation is Vancouver, which is dealing with the same real estate surge – almost as if two of Canada’s largest cities are competing for the notoriety of being one of the most expensive housing markets in the world.  Boomers bought before the housing market boom and are holding fast, just as Millennials are vying to buy into a housing market that has inc
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From bitcoin rent payments to overbidding homes, how Millennials are changing the Canadian housing market

A Canadian housing shortage, low interest rates, and challenges from a pandemic have combined to create an interesting real estate landscape in Canada. Add to that a progressive and determined generation of Millennials entering the housing market and well, things become even more fascinating.  TD Real Estate commissioned a survey of Canadians to get a better gauge of the market. That survey revealed some intriguing data and shined a light on generational differences and spending habits.  As stated in the survey , bidding wars are becoming more commonplace since the housing market has shot up over 40% from last year.  However, the likelihood to engage in bidding wars can be largely determined based on age.  More than half or 51% of young adults under 35 are prepared to offer above list price, while fewer than one-third or 31% of respondents between 35 and 54 are willing to follow suit, and just under 18% of those 55 and older are tempted to get involved in bidding wars.  “There’s no
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Real Estate Terminology Changing in Toronto Market

People across the globe are spending more time now than ever before familiarizing   themselves with real estate. With homes selling at well over asking prices around   markets across most of North America, potential sellers and buyers are searching   for real estate as often as they check the evening news.   This sentiment also rings true in the Toronto, Canada market. Homes are selling   quickly, and for high asking prices in the city. However, one thing that will soon be   different in Toronto Real Estate is the name of one of the most standard rooms in   a home.     For years, the main bedroom in the home has been called the master bedroom. As reported in infotel.ca, the ‘master’ bedroom will soon be referred to as the   ‘primary’ bedroom.     The room’s name change comes when evolution in how we speak to each other and treat one another is at its most important.     Toronto isn’t the only market making the change. In fact, in October of 2020, the  Canadian Real Estate Association m
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