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Toronto and surrounding real estate is quickly becoming out of reach for 90% of its residents. Despite what forecasters have been saying since 2012, prices are not meaningfully coming down. They may not come down because of three things that affect prices most are at full steam:
High immigration of educated people (based on Canada’s points system). In 2018 the GTA received over 249,000 immigrants vs the 100,000 expected. And the policy going forward has opened the gates for more high quality people.
Low interest rate environment. If people can afford and banks will lend, the rising trend will continue. Further, the average income in the Toronto Core is in the six figures.
Canada’s GDP remains in the top 10 of developed nations. And Toronto remains in the top 10 of best places to live world wide. Yet our prices vs global peers is just a fraction.
So if you want to be a property owner, and you want your children to be owners, buy while you can … or be left behind. There is a change coming to the wealth distribution of Canadians; the right properties will be a path to the Future Elite… and the one thing the 1% all have in common? They all own real estate.