On April 7th, MacLean’s ran an extensive article written by Joe Castaldo entitled, “How Canada completely lost its mind over real estate”. https://goo.gl/uzBvbf
Right now, Toronto’s list prices are largely meaningless because properties are routinely selling for well over asking price. In his article, Castaldo illustrates with details of the recent sale of a semi-detached home listed in the city’s west end for $699,000.
“To step inside (the home) was to travel back in time to the 1970s. The house was festooned with brown rugs, brown linoleum floor tiles and, in the basement, wall-to-wall wood paneling. After just five days on the market, it sold for $1.03 million in March—$331,000 more than the list price.”
There is an excessive amount of real estate speculation occurring in the city right now – not by foreigners, but by Torontonians! Many feel the party will not end – that housing prices will continue to rise, even though many experts are calling for caution in what many deem to be a housing bubble.
Does Toronto’s escalating prices have any bearing on real estate in Victoria BC? Well, some, but not in the same way. In British Columbia, real estate and related fields such as construction and finance make up an astounding 40 per cent of GDP! It’s a vital industry, yet in Victoria, there is a massive shortage of supply for the growing demand!
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