The housing dreams of families wanting to live in central Toronto will undergo a sea change in the coming decade as the supply of detached homes dwindles and the remaining ones soar in price, real estate experts say.
The pressure is already mounting with single-family homes being snatched up in fierce bidding wars for tens of thousands of dollars — and in a few cases for $200,000 or more — over asking, often with no conditions attached to the offers to purchase.
Along with a shrinking stock, prices for single detached homes and townhomes are projected to go up 30 to 50 per cent in the next decade, while condo prices are expected to rise only moderately or stay flat as the oversupply in that market continues to grow.
That scenario effectively eclipses ordinary families out of the market, making condo living the default housing option for those who want to remain in the core.
It's a phenomenon real estate mogul Brad Lamb refers to as the "Manhattanization" of Toronto. >>> full article
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