Larry Weltman Toronto

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

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