Several economists have recently commented on the potential oversupply of Toronto’s condominium market, as the city continues to build high-rise apartment buildings in record numbers.
Several economic factors have many real estate experts projecting a slowdown in sales and price growth this year, but the Greater Toronto Area’s housing market has started 2012 off with a strong first two weeks.
Toronto’s housing market remained strong in 2011 as prices increased, condo construction skyrocketed and demand remained stable, but the commercial real estate market didn’t enjoy nearly the same success.
Toronto, one of Canada’s hottest housing markets, continues to sustain booming price growth as single-family and high-rise apartment real estate remains in high demand.
With high home prices and skyrocketing condominium construction, Toronto has been a driving force in Canada’s resurgent real estate market, and some experts don’t foresee a slowdown soon.
According to an October survey, one-third of Canadians plan to downsize during retirement. However, Toronto baby boomers entering their post-work life are discovering buying a smaller home may be more difficult than they thought.