Here’s why the Toronto real estate market is so crazy..
” Why does the mainstream media always get our industry wrong?
I watch the news, read newspapers and stay up on current events. But now I am getting skeptical about any news I consume. Whenever anything is written about the Toronto real estate market, I just shake my head, and say, “How can they get it so wrong?”
The Toronto real estate market is being driven by these major factors.
1.The first is restricted supply…
Eleven years ago, the Liberal government froze development on 1.4 million acres across 325 km of land from the Niagara River through Hamilton (Golden Horseshoe area), all across the north of the GTA and over to Lake Scugog and Rice Lake, under the Greenbelt Act 2005. This had the effect of creating the “GTA Island”, and like Manhattan in New York City, if you can’t afford to buy there, you will commute one to two hours to get to there
2.The second factor is rapid population growth that increases demand…
The population of GTA and surrounding area has grown from 3.7 million people in 1986, to 5.5 million in 2005, to 6.3 million now. It will be 7.3 million people in 2021 and 9.1 million in 2036!
And If you remember taking an economics course, you will recall a concept called supply and demand. If there is an increase in demand, there must either be a price or quantity adjustment. Right now, we have no capacity to increase the quantity of land available in the GTA and as a result, land prices have soared for building lots and condo development sites.”
Info Source: www.remonline.com and other online resources.
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