Housing affordability is on the verge of full-out crisis in Toronto, but that's of little concern to the
New York Times.
The tony publication accurately pointed out this week that, for deep-pocketed investors, Toronto's real estate market is worth a trip across the border.
The article explains that a lack of inventory in the Greater Toronto Area has driven the price of an average detached single-family home significantly over the past decade, leading to a predicted 3.6 percent increase to 870,000 Canadian dollars, or about $766,000, by 2015.
The report continues:
The Toronto Real Estate Board reported in October that the average number of days on the market for houses this year was down to 25 from 27 in 2013, and brokers report that houses regularly sell for more than asking price.
Demand for homes in downtown Toronto has never been higher, with neighborhoods like Rosedale, Forest Hill, Trinity-Bellwoods, West Queen West and Yorkville having grown exceedingly popular, said Paul Johnston, a real estate agent with Right at Home Realty in Toronto.
Bad news for almost everyone in the city itself but, hey, at least we made the
Times.
Read the full article
here.
Source:
New York Times
Photo:
rfzappala via
Compfight cc