Many cities in Ontario struggle to keep their downtown areas vibrant and attractive. Having businesses occupy buildings and storefronts presents an image of growth and success that may encourage customers to frequent those areas. It may also attract other businesses and motivate entrepreneurs to establish their companies locally. Empty storefronts do not project that image of stability. Because of this, Toronto is making some changes that may affect owners of commercial real estate within the city.
When people decide to put their homes on the market, it may be a conclusion they have come to with some difficulty. Those in Ontario who have lived in their homes for decades may be uncertain about current market trends or how to proceed wisely. One Toronto real estate agent has noticed a disturbing trend in other agents preying upon those uncertain home sellers.
Some real estate agents may recommend that people in Ontario sell their homes in a bidding war. The common thought is that bidding wars bring the highest price for real estate because the home is only available to potential buyers for a limited amount of time, and competition drives the price up quickly. However, some consumer advocates urge sellers to explore all of their options before settling for bidding wars which don't always get the best price for a home.
Despite the strong trends in recent home sales, new predictions say next year's market may not be so hot. The Canadian Real Estate Association foresees a decline in transactions by about 2.7 percent in Ontario. Other provinces may see a larger drop, while some may see an increase even higher than this year's record-breaking rate.
The recent political turmoil in Europe and the United States may be good news for Canadian property owners, especially in coveted parts of cities. A leading commercial real estate investor predicts that the next two years could be very good for cities in Ontario, particularly Toronto. The demand for commercial property has even created a scarcity of office space in more popular parts of the city.
The housing market in Toronto is hot, and first-time buyers may be looking elsewhere in Ontario to purchase a home. Anyone looking to buy real estate in the city can expect to pay between $700,000 and $800,000 for a condo or single-family home. A detached home can run over $1 million. While the province is doing what it can to encourage first-time homeowners, recent actions by major banks may seem counterproductive.