Genworth Canada Financial States Toronto Condo Market is Heading for a Soft Landing

Genworth Canada Financial came out with their report today on the state of the Toronto Condo Market. While there are many prognosticators out there that have been predicting that the Real Estate and Condo Market is due to crash, this seems unlikely according to Genworth Canada for a few reasons.

Toronto Rental Market Tightening? 

Number 1, they foresee that the population growth of Toronto will tighten an already tight rental market, which will be able to absorb, the new supply coming online this year and next. A second reason  that there looks to be no let up in the Toronto condo market is that the local economy is growing a little faster than expected, and pull up the same levels in other parts of the country, that rate is around 2,8% GDP growth.

Single Family Housing in Short Supply 

Also, consider that the stock of single family housing in Toronto is in short supply and the only real option, the only real affordable option in Downtown Toronto is condo real estate. It's been this way for the past 10 years or so but, it is becoming increasing the case as listings for single family homes in the core and uptown continue to dry up.



Menkes Facebook Page: 

Was looking through the Menkes Facebook Page today and found this absolutely stunning photo of the North York skyline looking south from the top of Gibson Square condos at Yonge and Empress. In the photo you can see the Hullmark Corporate Centre Complex, at the corner of Yonge and Sheppard, it will be the tallest building in North York once completed. Further in the background you can see the Toronto Downtown Skyline, and in the foreground you can see the North York Skyline.

Final Shoutout of the day to Linda Pinizzotto on Twitter 

My daily twitter paper, the Toronto Condo Zietung usually sends out props to local realtors in the Toronto area, and last week, the blog included contributions from Linda Pinizzotto, not only one of the top 1% of condo agents in Mississauga, as well as hosting her own online radio show through her podcast which you can download here at this link. Condo Xpert Radio Show, but she is also a co-founder of the Condo Owners Assocation of Ontario!  So I'm glad to say that I have now followed Linda's Twitter account to keep up to date on all condo and real estate happenings in the GTA.

BTW wishing all the best to Steve Pinizzotto on his call up with the Edmonton Oilers!

All the best man!