What I think for 2019

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Here’s what I think regarding Toronto real estate, and I haven’t been wrong yet.

In 2019, prices will go sideways; sales volumes will likely be similar to 2018. We have entered a new era for high rise condo sales. Prices still support investing in condo units for long term investors, but fewer people can afford to buy. More individuals will rent.

All of the prime development sites are gone. For this reason alone, over the next 10 years new condo sales in the core will fall deeply. Land costs will rise due to a lack of any future supply.

The wildcard is the Toronto Port Lands. If the three governments involved get their acts together, this large land mass can help alleviate the future pressure.

Regardless of this, our mid to long term future will likely follow that of Manhattan. Our future is, lower sales volume, more tenants, and higher prices. Toronto will not go backwards for any sustained period.

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