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Seems to get swept under the rug. But Toronto's 'bubble' is not inside a bubble. It has huge push on the surrounding City housing markets. People either leavi
by dugditches 9y ago
Seems to get swept under the rug. But Toronto's 'bubble' is not inside a bubble.
It has huge push on the surrounding City housing markets.
People either leaving Toronto to retire selling while prices are high.
Or simply people giving up on Toronto and moving outside the city to commute, happy to pay high prices for the city but low compared to Toronto.
The thing is labor/wages in smaller towns hasn't increased to match the rising house prices. A city like Toronto with lots of jobs the costs can be justified. But when you have 'rich' people from Toronto come in to buy a home they push local First Time buyers/less affluent out or cause them to take on bigger mortgages(and when rates go up with their lower incomes, they'll suffer most).
- slantyyz 9y ago>> Seems to get swept under the rug. But Toronto's 'bubble' is not inside a bubble. I live in Markham (suburb bordering the north end of Toronto) -- houses here get sold over asking within days of the listing, and most of the houses in my area are actually occupied by the owners. The demand appears to be real. Any time a house in my area has an open house, there are piles of cars on the street. I've seen home prices in my neighborhood triple in the 12 years I've been here, and houses here are more expensive than a lot of areas inside the 416. Our property taxes are also generally higher than Toronto.