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Job Transfers

Toronto is starting to see job transfers coming in from other countries. As the world opens up we are starting to see people moving to Toronto for work. Toronto is now international hub for many industries. Its also a relatively easy city to live in with so much to offer. With the influx of immigration how will we handle our lack of housing. The rental market and the resale market are already so tight with supply. Where will everyone live? The government appears to be trying to create more supply but they are not making it easy for landlords or developers wanting to build. Perhaps some new solutions need to be looked at.

Feels Like A Transition Phase

Buyers still looking for space and not enough people want to sell. It feels like we are in a Covid transition phase – the world is slowly opening up but most don’t feel like the world is back to usual. And perhaps the new usual is different. Work from home and hesitation to travel continue to spur the demand for more space. Hence homes with home offices and enough rooms for everyone in the family to escape to are in high demand. We just don’t have enough listings for everyone. Bidding wars for homes continue, Real estate looks to be a good investment. Prices have never been higher.

Quick Decisions

Buyers need to be well prepared when buying in todays market. Buyers need to have their ducks lined up in order to buy a house in todays hot market. When a well priced house comes on the market one has little or no time to think. Well prepared buyers have firm offers coming in quickly – sometimes within hours of coming to market. Hence if one wants to buy, market knowledge and financing have to be in place. The ability to make a quick decision is critical. This is true for houses of all price points and for many condos. Market is hot hot hot…

Location, Location, Location

Buying in a good location always pays off. You may pay a bit more for a premium location, for example a park, nice lot, good exposure, good neighbourhood, quiet street but this will pay off when you go and sell. Last week we sold a home in a great neighbourhood, two doors away from a park on a quiet street with good exposure. We had 6 offers and it sold $300,000 over list price. This applies to condos also – buy with good exposure, good floor, good layout and good neighbourhood it will always be easy to resell. It is true what they say – location, location, location.

Tight Market

There are very few houses for sale… If you want to buy a house the pickings are slim. In addition, many sellers want a lot of money. Buyers are jumping high but not always high enough. Market is tight and tough. It is sometimes tough to predict how it will go on bidding day – not always easy to guide and sometimes a bit of luck. One must remember that there is always another house and things do generally work out in the end.

Elections

Its election day and this year the election results will be vey interesting. Our real estate market and our economy has been influenced so much by the pandemic and in many ways our election results are influenced by pandemic policies. To date this fall we have not seen our usual increase in listings and particularly after a dry summer buyers are not getting the inventory they have been waiting for. Hence we are seeing some intense bidding on certain homes. It’s not that easy to buy anything now. You have to be very prepared and a good agent is a big help.

Staying in Toronto?

Toronto is getting busy again. Traffic is getting bad and slowly people are returning to work and play. In many ways the pandemic has given people some peace and quiet and those that really don’t need to live in the city are reconsidering staying. They still want the luxuries of a nice place but it no longer has to be in Toronto itself. Hence areas out of Toronto remain hot real estate wise and we are seeing luxury places being built where there were few. We are still waiting on the impact that accelerated immigration will have. There is currently a big shortage of staff in the service industry and immigration has always played a large role in this sector. All these people will need a place to live. Governments will need to accelerate processes to allow for more supply to be built. It sounds like everyone agrees that this is necessary. Now to do it.

Housing Hot Election Topic

Housing is a hot topic for this upcoming election – a key election issue. Toronto and surrounding areas just don’t have enough houses for the demand. This includes many parts of Canada. The Government is trying to make housing more accessible by putting more money in buyers hands. However this does not address the need for more rentals and more ownership of housing. Perhaps it may be helpful if there is incentive and less bureaucracy to create rental and homes for purchase – a better plan to create density in certain areas. Understanding that density has to be strategic and neighbourhoods have to be preserved, we just need more. Maybe more effort and money to reassess what we currently have and what we need.

Booming Prince Edward County

Hot real estate outside Toronto. The demand for vacationing and or moving to areas outside of Toronto has been significant. Prince Edward County is one of the areas which has recently gained popularity. When you go there one can see why. Not only are there some great places to stay but what is interesting is its variety of things to do and visit. It has become somewhat of a foodie area – great restaurants, cheese places, cideries and wineries. Without the hills but with a lake it almost started reminding me of Cherlevoix/Baie St Paul area. The area around Waupoos where we stayed is one of the hot parts. Wellington has the renowned DRAKE DEVONSHIRE and some more known wineries like Norman Hardy but Waupoos has its own vibe. You can enjoy cider and great food overlooking a vineyard and Lake Ontario. Picton has some great restaurants. One can only imagine what this has done and will do to real estate prices.

New Real Estate Reality

Younger people who want to get into the market are getting in out of town or buying condos. Demand for condos has risen as house prices have become unaffordable. Demand for homes further from the city have also increased and so have prices. As a result, our cities will change.  The change in demographics will affect infrastructure, commercial real estate, and businesses. The world is changing in so many ways. Adapting to a new reality will be critical.