Richard Silver's Crystal Ball - Toronto Real Estate 2014
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The new year always gives us an opportunity to evaluate the previous 12 months but also to look at what lies ahead. This is my real estate forecast for the year 2014 in Toronto. You can find the full article on my blog: http://torontoism.com/toronto-news/2014/01/2014-real-estate-forecast
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Richard Silver's Crystal Ball - Toronto Real Estate 2014
- 1. Richard Silver’s Crystal Ball Toronto Real Estate 2014 Forecast
- 2. I've looked into my own proverbial crystal ball to tell you what I expect (or wish) to happen in Toronto real estate in 2014. I've always felt that the strength of the real estate market revolves around issues that few of us are in control of.
- 3. INTEREST RATES Interest rates being low or stable: Interest rates creeping up will only serve to move the market faster as people lock in to low rates as they rise… Canadians must remember that mortgage rates and percentages for down payments are more important to buyers who use banks to finance, and there are a number of buyers who are buying with more and more cash — and larger down payments.
- 4. NEW CANADIANS A continuous influx of new Canadians and foreign buyers and sellers into the Toronto market: There are such high numbers of market participants now that as families immigrate to be nearer to one another, the stream will remain strong and steady.
- 5. TORONTONIANS, VANCOUVERITES, NEW YORKERS As Torontonians, we also need to look at our Vancouver cousins, or for that matter, New Yorkers. With prices 30 per cent to 40 per cent higher than Toronto, Vancouverites still buy property and live and work in their city.
- 6. Yes, Toronto prices have increased over the years, but they're still more affordable than Vancouver prices in terms of residents' incomes. Of course, Toronto will always sell at lower prices than New York or Vancouver due to land issues. Less available land always equals higher prices.
- 7. WHAT DOES FUTURE TORONTO NEED? We'll need more high-rises and subways. We must move up, we must have great subways and transit, and we must think more in terms of regional planning and less in terms of only our streets, wards, and neighbourhoods.
- 8. TORONTO REAL ESTATE MARKET Nothing will aid the real estate market in Toronto more than making the GTA more liveable by spending wisely on great infrastructure and transit. It's time to start thinking 20 to 30 years from now and not just tomorrow and 2014.