The Canadian home market has lost its magic.
There was a time when the price of a house in Toronto was worth more than the average income in the country, but that was a long time ago.
Now it is a mere memory.
There were once more than five times as many homes in Toronto as in Vancouver, according to Statistics Canada.
Now there are fewer than five.
And that’s even as the city has experienced an influx of foreign investment and has seen a steady decline in house prices.
We can see that there is a shift in how people are looking at their neighbourhoods.
And I think that there’s a good chance that we’ll see an even greater shift in the next couple of years.
It’s not that we’ve lost our ability to look at the neighbourhood.
But it’s more of a recognition that we’re not looking at it from a pure, analytical perspective, that we can look at it through a very personal lens, and that we need to look more closely at how we see our neighbourhood and how we live here.
In a way, the neighbourhood has become more like a brand.
The condo industry has been on a tear over the past few years, and the price-to-income ratio of the Toronto market has continued to soar.
So what’s changed?
It all started in the 1980s, when developers began to build bigger, denser, more upscale neighbourhoods.
But over time, the condo market has largely been stagnant.
Now that the housing market is recovering and there are more homes being built, the industry is beginning to pick up again.
It seems like the industry can afford to do that, but the new buyers are taking notice.
What do you think is happening to the condo industry?
There are many factors that are playing into it, but there are certainly a number of factors that make the condo boom a lot more successful.
For one, there are a number people who are now investing in condos, and they are investing in new condos that are going to be built.
And I think there is an opportunity for condos to grow at a similar pace to the market.
Secondly, there is the trend towards taller, more luxury-style condo buildings.
Thirdly, there has been a change in the style of condos.
The old, traditional style of homes is not the style we are used to.
And so, they have a different, more modern look.
Fourthly, the supply of condo units has been decreasing, as well as the number of new condos being built.
There is also a decline in the number and size of affordable housing units.
Finally, there’s the fact that the supply has been declining.
As the supply and demand for housing is decreasing, so has the price.
And what is happening now is that the market is going to adjust in a more dynamic way.
Are we in a bubble?
The answer is a resounding yes.
If we were in a normal, healthy market, we would be seeing a lot of new condo construction, and lots of new homes being completed.
But we are not.
Instead, the new construction is happening mostly in smaller, more expensive-looking homes, with fewer and fewer affordable units.
That’s not a bubble.
Is there a bubble in the real estate industry?
The short answer is yes.
There are a few factors at play.
The supply of housing is going down, as is the demand for condos.
And there is less supply of rental housing.
One of the factors at work is that there are many fewer people who want to live in a large home.
They’re moving to smaller houses.
They are moving to condos.
They want more privacy.
And they want to be closer to the work.
And, of course, the more expensive the house, the less people want to pay for it.
But there is another factor that is really, really important.
The number of listings has also been declining, which means that more people are choosing to live elsewhere.
And the more they are choosing elsewhere, the lower their interest rates will be.
Why is that happening?
First, there have been fewer transactions in the market, and fewer transactions are occurring in the short term.
And this is probably a good thing.
But what we’re seeing is a downward spiral, as sellers are being squeezed out of the market in a way that they weren’t before.
So we’re going to see more listings go out the door.
And as more sellers go out, prices are going up.
So we’re now seeing a downward slide in house price and a rising price spiral, which is causing people to move to condos, which are going out of style.
How can we prevent this from happening?
I think we have to recognize that the problem is not just the housing markets, but also the real economy, and we can address that.