TORONTO REAL ESTATE MARKET: CRASHING OR CORRECTING?

Without question, Toronto's once super-hot real estate market has shifted! From boiling over to simmering to cooling down...all depends on how and where you look! The fact is, the Toronto real estate landscape has always been complex & complicated. Like many big Cities in the world, there are markets within markets. And, although technically correct, much of the news being reported today about the demise of the "TORONTO REAL ESTATE MARKET" is rather over-drawn and in some cases, totally inaccurate. The primary reason being: IT IS TOO SOON TO SPECULATE. We barely have two (2) months of data from which to draw these rather BIG conclusions and that is NOT ENOUGH. 

CONTRIBUTING FACTORS:

• The Province of Ontario's ill-timed and heavy-handed FAIR HOUSING PLAN;

• The May late start to Spring Market supply and the sudden influx of listings (especially of detached houses);

• The June typical decline towards the Dog Days of Summer Market when everyone is away;

• The Canadian over-all economy and threat of a Bank Of Canada interest hike!

The fact that the Toronto real estate market is even still rumbling along is a miracle in some cases. If one compared Toronto to a sick patient in hospital where the doctors and scientists cannot determine what is exactly wrong with it and so they elect to bombard it with every known treatment all at once. From new legislation at the Provincial level to four years of consecutive federal changes to mortgage rates to local increases in Land Transfer taxes and a non-stop xenophobic, hate-on for all things Toronto real estate by the blood-thirsty media. It is a testament to the strength and inherent value of both real estate and the City of Toronto.

The next two months are going to be rather interesting because they are not your typical "hot" real estate months. July & August are usually much slower without any "housing crisis" to contribute to them. The real test, however, will not be until SEPTEMBER and the start of the annual FALL MARKET. All eyes will undoubtedly be locked hard on the numbers! And, rest assured, along the way, the pundits and haters will have a non-stop barrage of comments and criticisms to berate our fair city. Just remember to take a look at the BIG PICTURE and let the naysayers nay-say.

THE FACTS:

• Toronto consistently ranks as one of the BEST CITIES in the world;

• Toronto is the economic engine of Canada;

• The 2011 census by Statistics Canada estimated there were 2,615,060 people living in Toronto, making it the largest city in Canada, and the fifth most populous municipality in North America.

• Toronto is one of the top financial centres of the world.

• Toronto is one of the greenest cities in the world.

• Toronto has one of the world's best city brands.

• Toronto is the most tax competitive city for businesses.

• Toronto moves up to third place in PwC's Cities of Opportunity 7.

• Toronto is the third best tech hub to live and work in.

• Toronto ranks as one of the top 5 most livable cities in the world.

• Toronto ranks fourth in the world in terms of global competitiveness. 

• Toronto ranks sixth in terms of its ability to attract and foster the growth of women-owned firms.

• Toronto is one of the world's Top Ten Influential Financial Centres.

• Toronto ranks fifteenth in the 2016 Mercer Quality of Living survey.

• Toronto is the 143rd most expensive major city to live in.

• Toronto is the most livable city in the world according to Metropolis, an architecture and design publication.

• Toronto is home to one of the world's top universities - the University of Toronto.

• Toronto Region’s population base is one of the fastest growing in Canada; growth between 2001 and 2014 equaled 87% of the total population of Calgary in 2015.

• Toronto Region will grow an average 1.6% (or 108,766 persons) annually between 2014 and 2019, bringing the population to almost 7.1 million.

Frankly, that's just the tip of the iceberg. So...pull up your straps and let's get back to work. And remember, how is where the heart is and if you love this City, then speak up and tell the world!

SHAWN VENASSE - Sales Representative
The Elli Davis Team
Royal LePage Real Estate Services Ltd.,  Brokerage

416-921-1112 office
416-921-7424 fax
1-800-

shawn@ellidavis.com
www.ellidavis.com
www.shawnvenasse.com

NOT INTENDED TO SOLICIT ANYONE UNDER CONTRACT.

(The opinions expressed in the various news clips presented herein are not necessarily those of Shawn Venasse & Elli Davis - Sales Representatives - nor of Royal LePage Real Estate Services Ltd., Brokerage. For full TERMS OF USE refer to: https://goo.gl/kPf2Q5.)