{"id":13288,"date":"2019-08-07T10:10:47","date_gmt":"2019-08-07T17:10:47","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13288"},"modified":"2019-07-27T10:56:27","modified_gmt":"2019-07-27T17:56:27","slug":"investor-driven-condos-forecasted-to-fill-housing-gap-through-2021","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/investor-driven-condos-forecasted-to-fill-housing-gap-through-2021\/","title":{"rendered":"Investor-Driven Condos Forecasted to Fill Housing Gap Through 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">According to a report from Central 1 Credit Union, Ontario\u2019s housing market is forecasted to grow through 2021, and that includes the need for investor-driven condos in downtown Toronto.<\/p>\n<p style=\"text-align: justify;\">\u201cIn higher urban markets, condos should remain a viable investment vehicle because there are a lot of people coming in who will need a roof over their heads,\u201d said Central 1\u2019s regional economist, Edgard Navarrete, the report\u2019s author.<\/p>\n<p style=\"text-align: justify;\">\u201cPopulation growth is still at about trend, or even slightly above trend, over the next three years and that\u2019s because, even though the housing market is at times relatively unaffordable in the region as a whole, the economy is still attracting a lot of people for work and to education institutions, particularly in urban centres.\u201d<\/p>\n<p style=\"text-align: justify;\">The supply of purpose-built rentals, townhomes and condo apartments has been on the rise throughout Ontario due to strong population growth. Navarrette added that Ontario\u2019s population is forecasted to grow 1.7% this year, 1.7% next year, and 1.8% in 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cWith an influx of people coming in, there will be increased demand for condo apartments, townhomes and single-detached homes in secondary markets to meet that demand,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">The Canada Mortgage and Housing Corporation\u2019s First-Time Home Buyer Incentive, according to the Central 1 report, will help buyers gain entry into the housing market, but it may be short-lived as demand will likely result in bidding wars, thereby driving prices skyward.<\/p>\n<p style=\"text-align: justify;\">\u201cPart of the reason they put this in place is to help people get into higher-density housing, but, unfortunately, with the program starting in September the increased demand for entry-level condos will start raising the prices in that segment, and you can expect bidding wars,\u201d said Navarrette.<\/p>\n<p style=\"text-align: justify;\">Although Central 1\u2019s report is, overall, optimistic, it warns of headwinds blowing from the US-China tariff war.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re also expecting the economy to slow down a bit over the next couple of years,\u201d said Navarrette. \u201cIt won\u2019t be below negative growth, but it will grow below trend because of our trading partners, not our economy. The US has put in protectionist measures, which could slow down their economy, the global economy, and we\u2019d be affected through trade channels, which will affect consumer confidence, business confidence, and business investment, as well as spending on big ticket items like cars.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/investordriven-condos-forecasted-to-fill-housing-gap-through-2021-277421.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Investor-Driven Condos Forecasted to Fill Housing Gap Through 2021<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a report from Central 1 Credit Union, Ontario\u2019s housing market is forecasted to grow through 2021, and that includes the need for investor-driven condos in downtown Toronto. \u201cIn &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/investor-driven-condos-forecasted-to-fill-housing-gap-through-2021\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-13288","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investor-Driven Condos Forecasted to Fill Housing Gap Through 2021 &#8226; 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