A generally positive fall is underway with a relatively strong real estate market in Canada. This is great news for those investing in real estate, which continues to show strength over the long term as a means to build wealth in Canada.
The Canadian Real Estate Association is reporting slight increases in September, with benchmark prices rising .5% in September over August and increases of 1.3% year over year.
In Ontario, the GTA continues to show promising increases and is up 5% year over year, and 57% over the past 5 years. The increase in Eastern Canada is primarily due to supply and demand.
This infographic from BNN Bloomberg shows the trend of rising prices in Toronto. Bloomberg reports black-tie condo project openings with brisk sales so far this fall and attributed new restrictions in place for foreign buyers as the reason for initial cooling in 2018.
Meanwhile, Bloomberg reports that Canada’s population grew by more than 500,000 people in July (the biggest year over year increase since the 1970s). This adds further pressure to housing supply and reducing red tape continues to be a necessary focus for governments at all levels.
Townhome Developments are Key for Toronto
Higher-density developments continue to be in the highest demand. Innovative designs and creative use of space is ensuring that buyers of more affordable townhome residences are able to remain in the increasingly competitive Toronto marketplace.
Winning features of townhome developments include garages/parking, main floor dens/home office/working spaces, open concept kitchen and family rooms, and luxury levels of finish.
The Bartley Towns community by BAZIS features these elements, as well as spacious kitchens with walk-outs to expansive terraces. The towns at Bartley are also family-sized homes 3, 4 and 5 bedroom homes.
Toronto Real Estate Still a Solid Long Term Investment
The bottom line for Torontonians is that so long as demand outstrips supply, investing in real estate has proven to be a good strategy for wealth building in the last two decades. Additionally, homes that feature contemporary design and finishes are in line with the desires of today’s home buyers.
BAZIS currently offers luxury residences in Yorkville at 1 Yorkville, which recently capped off. There remains a collection of 1100 sq. ft. 1 bedroom + den suites as well as an awe-inspiring 58th-floor penthouse with incredible 360-degree views of Toronto.
Stay tuned for Bartley Towns, coming to Victoria Park and Eglinton Ave., more details to come!