Quote:
Originally Posted by freakystyly
Homes have easily doubled in almost all of Ontario over the last 10 years. While prices aren't at Vancouver or Toronto levels everywhere, they are still going for tens to hundreds of thousands over asking even during pandemic times. New supply is not driving prices down either.
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I'm no expert but I think you'll see some weakness in condo/apartments but strength in single-family homes (townhomes, etc).
People are prioritizing space and realizing what it's like to be truly trapped in a shoe-box sized apartment (I speak as someone who has lived in shoe-boxes in NYC and SF and couldn't fathom being in that position right now). It's fine when you're only home from 6pm onwards, and send the kids to school, daycare, etc. but imagine being in a 900 sft 2 bedroom apartment with you, your significant other, both trying to take conference calls and do work, while you have a 3 year old running around. I know several folks in that exact situation and I do not envy them
Plus with metro development there will be a push for density. "You can always build up" but you won't see new single family homes going up when it could/should be zoned for dense housing. Therefore I think they'll always be desirable (no new supply) in areas pushing for density and single family homes will always see a bit more resilience even as the overall real estate market bucks. Just my take.