Etobicoke Housing Deck
Etobicoke is our focus, of course when we analyze the Economics reports from the Banks. The most recent are from Scotiabank and its VP Derek Holt.
Canada vs the International market shows that we are not overvalued yet but we are expensive. But not to Americans or the US dollar investors. To the Global market, Canada still looks like a good place to live not just invest.
As this relates to us in Etobicoke with its easy access to the Airport and Downtown of the largest city in Canada both economically and growth wise we are in a very positive positioning. What's happening currently we have an increase of listings in TORONTO but once this dissipates (due to spring market) I think we will be back to it. Multiple offers have fallen but not on the good properties(properly priced, not corner or on busy streets). Yes the market has been super crazy in the last 6 months and this should correct itself. Where home prices were getting $2-300k over asking the reverse should come into effect. So pricing should normalize as sellers begin to realize fewer buyers. Average type homes should level off from the hysteria, but homes of good quality with good locations and lot size will still appeal to builders, upsizers etc.
Yes, Condo investing will be affected. Current changes in Rent control should slow the investing portion and may contribute to an increase of condos into the marketplace. Etobicoke has many new condo buildings coming to market and a long term growth pattern that may be affected if a glut happens. First timers may start to realize less expensive conditions when buying condos. Prices increasing in Condos should be slowing to a halt where 600 ft units that were $300K AND ROSE TO $400K should level there.
As Canadians overall we have increased our home pride reno's and spending but as far as mortgages our banks are solid, we do not tend to default like the Americans and the equity ratio is good with many Canadians not even having a Mortgage. Two-thirds in fact. WOW!
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