Why condos are important to the GTA, Greater Toronto Area.
With government policy mandating that development “goes up, not out,” a trend toward greater urbanization, a widening gap between lowrise and highrise prices, and the influx of 80,000 new immigrants into the GTA, the condo market is more relevant than ever, the panelists believed.
Hoffman pointed out the importance of the condo sector to the rental market since no new rental housing has been built within the GTA in the last 35 years — without continued condo construction, a serious shortage of rental units would be felt.
Condos are also needed to allow the region to maintain an affordable home ownership option for people, said Carras, who noted the price spread is $220,000 between lowrise and highrise homes.
With slower sales in 2011 and 2012, developers slowed the number of new projects and the market was able to absorb the inventory.
Outlook for 2014 and beyond
Toronto is a great city with great trend lines. The urbanization trend will only increase and make vibrancy that much greater,” said Hoffman. “Transportation is huge issue that’s driving people to live and work downtown.
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Also, see the CIBC Bank forecast for condo market in 2014
http://www.cbc.ca/news/business/no-condo-bust-on-horizon-cibc-analyst-says-1.2535951
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