Toronto's soaring home prices are in line with the reality of other world cities such as New York, Hong Kong and London, says Mark Renzoni, president of global commercial real estate giant CBRE.
"The market is fairly balanced. It's not being driven by foreign capital. It's being driven by Canadians, moving up, buying for the first time," he told Toronto Star, following a speech at CBRE's annual market forecast event.
"There's great jobs, there's a sense of optimism, there's confidence in the job market and interest rates are low," said Renzoni, who suggested that concerns about foreign speculation in the Toronto housing market are overblown.
In February, Toronto Real Estate Board released a research showing fewer than 5 per cent of the 113,133 residential real estate transactions in the Toronto region last year (2016) involved foreign buyers.
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Toronto's Home Prices in Line with Other World Cities
Saturday, March 25, 2017
Tuesday, March 21, 2017
Toronto House Prices Expected to Climb 25% in 2017
According to this article published by Blogto.com, Economists don't see the red hot real estate market cooling off anytime soon. After initially estimating a jump of 10 to 15 per cent in Toronto house prices over 2017, TD Economics now puts that number at 20 to 25 per cent.
The updated figures follow a sizzling start to the year that's witnessed 22 and 28 per cent increases in January and February respectively.
Full Article: Toronto House Prices Expected to Climb 25% this year
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