Is Toronto Real Estate A Bargain? Just Ask Monte Carlo!
March 30th, 2009 Categories: Home Buyers, News Wire
Are Toronto real estate prices too high? Will Toronto real estate prices continue to drop, drop some more, tank, collapse? I get asked this question (in its many forms) a LOT these days.
Which makes me question whether Toronto is an over-appreciated city, price-wise, when you consider global housing markets.
How Expensive Is
Toronto Real Estate?
So, let’s put the price in pricey. Check out a recent article in Forbes that identifies the world’s ten priciest real estate markets. And they aren’t kidding, as the following chart illustrates:
Source: Global Property Guide
What propels such stratospheric real estate prices? Depending on the city: tax havens, shortage of space, strong economic growth due to high oil prices — always the oil, non? — and the fact that tremendous wealth can withstand trying economic times. It’s also interesting that as public opinion reigns in conspicious consumption, cities such as New York drop in rank (from No. 2 to No. 6 in 2009).
In today’s Toronto real estate market, interest rates remain low and the average price decline appears to be slowing as we head into the spring market.
Looking for a place to moor the yacht? Ready to grab a Toronto bargain? I can help! Call Lauren at 416–550–6991, or send me an email.
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