For a while there, any Toronto mortgage brokers that were paying attention to the shifting predictions in the Toronto real estate market needed to be somewhat concerned there were some kind of ill defined dark clouds on the horizon.
Even the more forward of this bunch were apt to use words like bubble when talking about the real estate situation in Toronto generally and the condominium situation there specifically. Well, it seems the same winds that blew those dark clouds our way have pushed them away toward the horizon where they needn’t bother us anymore.
That’s true if the recent numbers from Statistics Canada’s new housing report released this week pan out. It does start out by stating the new housing index flattened out in September after climbing steadily since 2008, but there’s no need to worry as our Canadian real estate landscape will remain strong.
The report was released Wednesday and mentions our comparable healthy economy as one of the bigger reasons for the stability in real estate, especially when compared to our friends down south. There are some interesting trends that have come to light as a result of the report; most notable was the fact that younger Canadians want to live, work and play in the same area. That’s driving a boom in condos and urban office development.
However, there is a another side to this recent development and real estate that’s far from existing transit might be underused as new buyers look for this all-in-one package.
Older commercial properties and suburban areas that fit the bill here might need to look for redevelopment before they can become viable for these younger buyers. The prediction is Canadian real estate will stay strong for the rest of the 2013 and the American side will kick start their own recovery.