The Manhattanization of Toronto
What does it mean?
A picture is worth a 1000 words…
People are using these words more an more often, usually in reference to the high number of condo towers being built in the downtown core. It should not come as a surprise to you that Toronto is the crane capital of North America!
What it really means is that people no longer want to commute to Toronto. People now want to work and live and have fun in the city. The supply of houses in the downtown core stopped decades ago, but the demand keeps going up and so do the prices.
The average price for a detached house in Toronto is now $965,000, most people can no longer afford to buy a house, but there will always be somebody else that can.
I do not believe that prices for houses will ever go down, rather we will see a shift in demographics and income level of who can afford it. Buying a house in Toronto will be a luxury in the (near) future…just like Manhattan. people and families will still want to live in the city and will buy a condo instead…just like Manhattan.
There is only one way to go, and that is…UP