Although some signs are pointing to the housing market in Toronto cooling down, Ross McCredie, CEO of Sotheby's International Realty Canada, is preparing for an increase in demand.
The realty firm is planning to add a second office in Toronto as well as sign new agents in anticipation for continued growth, The Globe and Mail recently reported. McCredie first experienced success in the Toronto real estate market when he quickly sold the most expensive units at the Four Seasons Private Residences in Yorkville.
However, not all areas of the city are primed for a surge in real estate activity, the source said. The mid-range condo market could be hurt by a rise in interest rates.
“I don’t see fire sales happening in Rosedale; I don’t see anything happening in Forest Hill,” McCredie told the newspaper.
Housing starts are up in many areas of Canada and commercial mortgages are available for qualified buyers. According to the Canada Mortgage Housing Corporation, starts in British Columbia urban areas increased sharply in January and multi-family units accounted for much of the growth. The 28 percent increase in January compared to December was primarily made up of condominiums.