The lights are dimming earlier these days as the proverbial fall back in time has just occurred.
That means its darker earlier, and many of us start thinking about the seasonal shut down of all things commerce and otherwise. Having said that, the numbers don’t lie and early in the new year we’ll hear about more record high numbers in new home and condominium purchasing.
Some of the new projects were sold out before anyone had a chance to blink an eye. As some recent foreign visitors of mine to our great city said after touring some neighbourhoods with me, Canada is still very much ‘on sale.’
Pricing remains competitive; it has to. The choices remain great and the bar just keeps rising. There may be a few great new opportunities at the end of the year, but look for possible good inventory specials in the market. Sales are in the air. Everyone likes a holiday special. Builders offer it; consumers jump on it.
The new year brings more great hope and what should be an assortment of new products in great locations inside and outside of the GTA. New taxation policies in Vancouver, particularly, are making Toronto an even better bet than ever before. I am writing this article on the ‘morning after’ – the morning after Hilary was ‘trumped’ by the Donald. The pundits think that will add more cache to our country from a real estate perspective; Toronto remaining the focal point. Those same pundits say as well that new, tighter mortgage regulations will help ensure that we stay in a good place, and that buyers don’t overextend, and builders should be responsible in ensuring that we continue to provide products that work for our consumers. In short, year 23 in our seven-year cycle looks like a good one and a responsible one.
A recent study conducted by the Canadian Housing Industry suggested that the OECD’s economic growth forecast showed Canada as having one of the healthiest growth forecasts in terms of GDP growth of any country in the world. Two notable exceptions were China and India, two countries whose residents have taken a comfortable place in our great city and are helping to fuel our buoyant market.
Most importantly, while watching out for rising house prices, there is a strong movement to ensure that housing remains accessible to young and new Canadians alike. This just means more good news for consumers. And with the holidays in the air, there are lots of good reasons to celebrate and find yourself that new home that you always wanted.
MARK COHEN is a founding partner of The Condo Store Marketing Systems, a firm specializing in the design, marketing and sales of condo and new home communities in and outside of the GTA.