Toronto’s house prices are touching record breaking heights since pandemic started. Is this a signal before storm ? What do you think – please leave your comments below.
There are many things to consider. Toronto is the home for many immigrants families from all over the world and consistently attracted people from across the globe. Toronto is ranked in top five cities in the world.
Canada attracts people from all over the world for many reasons – safety, security, better living conditions etc. However since pandemic started many people have lost their jobs, international borders have been closed, more and more bankruptcies are seen. There are many such points to consider.
Toronto has high population density and affected much due to COVID-19. 70% population of Toronto live in apartments/condos. Since pandemic started, people are looking alternatives and are moving out of apartments in remote areas. Before pandemic no one probably thought about that work from home can be feasible for many people. Since more than one year people are working remotely. This tells something that people do not need to travel to office every day and they could live far from city in remote area.
House prices have reached record high, yet people’s annual income did not rise. Many people lost jobs and still there is more demand for housing. Something is not right. It may be soon market will correct and we may see many bankruptcies. Bank are giving loans to people that can not afford to have that big loan specially when interest rates will rise.
Are we getting a signal that housing market may collapse sooner?
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