Expect higher prices in 2020

We are a little over a week into the new year as I write this post about what to expect in the real estate market for Toronto in 2020.

With the dawn of a new decade upon us, comes hope, from an affordability perspective at least, that house and condo prices in Toronto will dampen a bit and allow a broader range of buyers to enter one of the worlds best lotteries, that of owning a home or condo in the 6ix!

That’s right, I said it. Consider yourself a lottery winner if you were lucky enough to have purchased a home in Toronto over the past 15 years (and of course, even going back longer than that).

$1,000 week, Cash For Life lotto? Forget about that! If you are aged 60 and older, chances are you are sitting on a property worth a value of $1.5 million dollars. Sell that baby and ride the Cash for Life wave all the way to the pearly gates until your time is up. And like lottery winnings, that’s tax free cash (well, at least it is for now).

Without an influx of suitable housing (supply) we will continue to see the constant barrage of multiple offers (demand) take place. Prices will rise and that hope of getting into the housing market becomes more strained for the unlucky.

Toronto is a great city to live, work, play and raise a family. It’s no longer a secret to not only other parts of our country, but also to the rest of the world. There are fewer highly desirable countries to move to and raise a family, and Canada tops most lists that rank such.

Affordable housing in today’s era is certainly a complex problem to alleviate, and the powers that be I’m sure are doing their best to figure it out. Until then, congratulations to the lucky lottery winners who will be exiting the home ownership market this year with their Cash for Life winnings.

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