Richard Silver’s Crystal Ball: 2015 Toronto Real Estate Forecast

Richard Silver’s Crystal Ball: 2015 Toronto Real Estate Forecast


"Real Estate can be a solitary experience and having a trusted team that you can bounce ideas off and learn from, can be rejuvenating and powerful."

This is the time of year when I usually assess what last year was like and what promise there is for the year to come.

The Torontoism Team started the year 2014 with the four of us: me as the team leader, Tania as our customer service administrator and Sherille providing support and scouring the streets for our Buyers. It has been a great and successful experience as we learn what all our strengths are and how we can best serve our clientele. The best part is that we are having a lot of fun working together with each of us, able to support the others strengths. Real Estate can be a solitary experience and having a trusted team that you can bounce ideas off and learn from, can be rejuvenating and powerful.

When we add the support of Sotheby's International Realty Canada, we know we are heading in the right direction. Stay tuned for some more exciting news from the Torontoism Team that will further strengthen business for our clientele.

Toronto is recognized as one of the most diverse markets in the World and my prediction is that the next year will see more International buyers and sellers than ever before. The past year we have been busy making connections in a number of markets: China, the United States, Mexico, England and across Canada. If you are looking to buy or sell second homes, we can make those connections for you and find you like minded agents around the world.

paul bica cn tower
CN Tower by Paul Bica

I have a number of responsibilities in International Real Estate and I have attended a number of International Conferences in the past year. As well, I have just taken on the task of working with a group to found the Toronto Chapter of the Asian Real Estate Association of America. AREAA has been busy in Vancouver and throughout the United States and hosted a Global Summit in New York that I attended. This year I was asked to be on the marketing committee and a speaker for the upcoming Global Summit in Chicago this April. The good news is that with each Conference I learn more and can provide more visibility for our business and wonderful opportunities for growth in the Toronto markets that we serve.

I look forward to another strong year for the Team but another year that will feature a shortage of listings, especially in areas like Cabbagetown where there has been very little trading of property. My assumption generally is that few are prepared to sell when there is little available for the next step, so we do have a lot of Sellers who are prepared to sell, if and when they find the right next move. Five years ago you sold without buying, knowing that you would find the next options within a month but not so today and in certain areas and price ranges the marketplace is stalled. I see this as a longer term issue because lack of inventory in houses is not keeping up with demand and I don't see this changing much, causing more price increases as long as rates are low and net immigration to Toronto is high.

If you are ready for a life style change, Condos are the answer, however, if your goal is appreciation, stay in the housing market and move up in housing while paying down your mortgages. Use these low rates to get rid of your debt, not to increase your debt.

Please contact us if you or your friends are contemplating a move. If it does not make good sense, I promise that I will tell you right away and offer options.

RS00SK

Best wishes for 2015!

Title Photo by Paul Bica

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