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Thursday, January 8, 2015

Condos in 2015 are going up, up, up

To make a prediction for Canada’s crazy housing market would be, well, crazy, but some agents believe it’s safe to say high-rise living will continue to post strong gains in major markets – especially for larger family-friendly units.

 “The demand is going to continue. That trend away from houses, just with the prices of housing going up dramatically, more people are happy being downtown and living the condo lifestyle.” says an agent in Toronto.

Agents expects demand for larger units – particularly those with two bedrooms or more – to increase, especially for two of Canada’s most active demographics moving up and down the property ladder.

“It’s two things really,” says Armand Gilks, a sales rep in Toronto. “One is people downsizing, and the other is people currently in condos and, as their need for more space as their families grow, many are opting for larger condos rather than low-rise housing.”

Immigration is also expected to boost condo demand in 2015. Reports suggests  Toronto requires more than 35,000 units annually to keep up with in-migration – meaning the 20,000 units currently being completed will lead to a shortage.

If your interested in purchasing a Toronto Condo or Toronto Loft click here

Source:Canadian Real Estate Wealth

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