The trend of the growing prices continued in December 2014. Average selling price was $556,602, which is a seven per cent increase, compared to December 2013. TREB figures for the year are showing something that has been a more constant issue with the Toronto market, lack of product and lack of space.
For years we have been talking about the “Manhattanization” of the City as we have watched the City grow up rather than out. We have some serious planning issues that are in front of our new Mayor and City Council and we need to look at Cities like Chicago, New York and San Francisco to see how they have dealt with their move to Higher living. This can only mean stress on infrastructure, and frustration as Buyers and Sellers look to make moves.
Houses, detached or not, will be at a premium especially closer to the Subway and business intensification.
It would be great to hear your thoughts on serious solutions for the
future. Let’s share them to send to our Mayor and Council!
Title Photo: Downtown Toronto by Carsten Titlbach