Toronto Housing Boom to Continue as Vancouver Slumps

Toronto Housing Boom to Continue as Vancouver Slumps

Canada’s housing market has experienced a boom in recent years, with steadily rising prices, rent rates, and no shortage of new real estate developments. New builds and property prices have created a new landscape for prospective buyers, young professionals, and investors who are hoping to take part in the hot market. While housing affordability has been impacted across the country, the Vancouver and Toronto housing markets have been among the most dramatic. Record-breaking highs in terms of prices and developments, have defined the past few years for these two big cities.

Large populations reside in the nation’s biggest capitals, and investors from Canada and around the world have set their sights on Toronto and Vancouver for the most returns. Is the Canadian housing market a good place to put your money? It depends where and it depends when, according to industry experts. While a new condo project in Toronto can be promising, the same property on the west coast can represent more risks.

Vancouver versus Toronto Housing Market

There is a reason that location oft gets repeated three times when people are discussing real estate; it makes a world of difference in the stability of your investment, land valuation, and potential growth.

Canada’s real estate market is strong across the board but buyers looking for a long-term investment in their first home or secondary property would be wise to stay in Toronto when putting a down payment.

  • Average Prices: It is natural for comparisons between Vancouver and Toronto to arise, especially for anyone looking to settle down in a vibrant, youthful city within the nation. Real estate prices are a deciding factor for determining where you want to invest and live, so price comparisons can be helpful. The average price for a detached home in Vancouver was recently put at $2.6-million, while Toronto has been priced at an average $1.29-million.
  • Vancouver Real Estate: Experts are pointing towards a slowdown for Vancouver’s market over 2017, with prices correcting and adjusting based on housing affordability. Predictions do not indicate a financial crisis or crash, but rather a gradual decline. Taxes placed upon foreign home buyers last year and stricter mortgage lending rules from the federal government will start to show their intended effects and prices will come down.
  • Toronto Housing Market: Toronto’s real estate market, on the other hand, is expected to grow. Promising new condos downtown and major interest throughout the Greater Toronto Area are not expected to decline, leading to prices that will continue to increase. It is a good time for buyers who are interested in a stable investment with potential for growth.

False Creek in Vancouver overlooking Condo Buildings

Luxury condos in downtown Toronto present a promising opportunity to take advantage of the current real estate market. Whether you are interested in an income property or want a place to call home, The Davies new condo project could be the perfect place. Consistent rental demand, close proximity to Robertson Davies Park, and a short distance to the TTC make it ideal for young professionals or growing families. Just a walk away from Yorkville’s trendy nightlife, shopping, and restaurants makes your new condo a  sound investment that combines city living and a strong neighbourhood community.

Contact The Davies at 647-360-9588 to schedule an appointment or register online for more information. Check out our new luxury condos in downtown Toronto and consult our team to learn more about your options.

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