With home prices climbing stratospherically over the last five years and a mortgage stress test now in place, homebuyers are seeing their purchasing power chopped more than ever - especially young families and first-time buyers.
A recent article in the Montreal Gazette caught our eye because it referenced how “Some condo towers in Toronto now include indoor playgrounds, and even maker spaces where kids (and adults) can work on arts and crafts.” The writer says this is “genius.”
According to the report, simply building more missing middle housing isn’t an option. One of the primary reasons this type of housing isn’t getting built is because of the three-way tug-of-war between builders, homeowners, and politicians.
With would-be buyers finally adjusting to the stress test and interest rates looking like their taking a breather, 2019 may be a strong year for home sales in Toronto and other major markets in Canada.
The five condo towers will range from 64-90 storeys. When the first two launched last summer, Menkes sold 1,241 of the 1,463 available units. That’s 85%! This success was seen in a year of cooling, as new condo sales fell 38% compared to 2017.
The Canada Mortgage and Housing Corporation released its quarterly Housing Market Assessment, reporting that the country’s housing market overall is still highly vulnerable, mostly due to price acceleration and overvaluation.