Toronto Real Estate Development on a Roll

Bay Street - Skyline Toronto

Toronto Real Estate Development on a Roll

The Toronto Real Estate Market continues to defy the naysayers by growing on building at an almost none stop rate.  The experts are dumbfounded and at a loss to explain. In my opinion what is happening is very basic, Toronto has become a Global City, and the transit infrastructure into the downtown core is not the best. This results in extreme long commute times to and from work, regardless of where you work in the city. Downtown or Uptown, East or West people want to work in an area where getting around is not a hassle. This is the reason for the rush of development in the core. Throw the international status of Toronto, influx of cash, and Canada’s safehaven reputation and you have the perfect storm. There are two more factors at play in Toronto which are also very well known, firstly, there is a very limited supply of new buildable land downtown. This is making the price of existing properties much more expensive, and the land requires extensive site preparation before anything can be built. (ie. Clearing and demolition at times) Another factor restricting land supply is provincial land use policy which has been enacted to restrict the spread of urban sprawl.

The latest sales numbers show that the Toronto market is moderating to some effect, but there is no crash imminent or impending doom on the horizon. Toronto will remain a safe and stable city, with an extreme Real Estate Market. The low rise sector of the Toronto Housing Market is set to show massive profit gains for the foreseeable future as this commodity decreases at an ever increasing rate in the core city.

The Toronto Skyline will keep shifting and changing in the core, as the building boom continues. This is a good thing for the growth and development of  the city . Looking forward to more condos coming down the pipe, and an enlarged downtown population, giving the core a balanced urban vibe.  

Getting a Mortgage and Mortgage Insurance through Allstate Insurance Company of Canada for financing a loan to purchase at Aura is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at Allstate Insurance Company of Canada include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from Allstate Insurance Company of Canada is actually one of the major financing costs on home loans.