Written by Morteza (Morty) Sadeghi
Now that we’ve successfully started another year and the Toronto real estate market has once again shown itself to be both resilient and healthy in the face of continuing global uncertainty, there’s time to draw a breath and make some predictions for the rest of 2014.
The market won’t crash
Although there seems to be more than a few pundits that are still predicting the sky will fall on Toronto’s real estate market, the facts bear out a completely different outcome. There have been Doomsday calls for a 20% correction for several years now and they’ve never materialized. It’s important to remember Toronto continues to attract people from all over the world to live here and that diversity is just one of the reasons the market stays strong.
Innovation Will Continue To Change The Landscape
People buying and selling their homes are becoming more and more educated thanks to the online resources they can access and there’s no reason to think this trend will reverse anytime soon. In fact, the more mobile our information foundation gets, the harder everyone involved in the industry will need to work to satisfy their clients. The shift will continue away from the more traditional agent model in 2014, but that’s not to say well informed consumers won’t choose like-minded agents willing to work hard at buying and selling.
Finally, there’s every possibility there will be a continued revitalization in the southern part of the city. The East Bayfront development and the work on Union Station and Queen’s Quay will be finished this year, and there’s every inkling this shift to a southern downtown core will continue. The buzz around Toronto’s waterfront will propel development forward in the year ahead.
