Posted 6.13.16 @ 0:0
Investing in real estate has long been touted as one of the best investments there is, but how true is it for Toronto & GTA Real Estate? If you’ve had doubts or have been thinking that your investment today will be worth next to nothing in just a few short years, fear not. Here are some insights on how Toronto Real Estate is faring as perceived by Former Bank of Canada CEO Gord Nixon.
A Bright Future
Nixon was about to be inducted into the Canadian Business Hall of Fame in a ceremony held in Toronto when he was interviewed by BNN. In his words, he thinks that real estate in Toronto is bound to do extremely well. He also shared that although they may be dips from time to time, he foresees the future of Toronto Real Estate to continue to have a positive trend because the city is growing every year. This is despite the fact that there is less land to develop because of green space conservation. He adds that Toronto being a dynamic international city that is bustling with activity will be a factor to this.
Canadian Business Hall of Fame
Nixon was inducted into the Canadian Business Hall of Fame because of his savvy navigation of the 2007-2009 financial crisis. That crisis was brought on by careless lending in connection with the U.S. housing boom, risky lending which led to the housing boom’s bust.
In August 2014, Nixon retired from RBC after 13 years of running the bank. These days, he is leading BCE (the parent company of BNN) as chairman and also sits on the board of directors at Toronto’s innovation hub, the MaRS Discovery District.
More GTA Real Estate
It should be noted that the average price of a detached home in GTA climbed up to $968,437 in April – a figure that is a 143% hike from the same month in 2008, back when $398,687 is the average price for a detached home in the Greater Toronto Area.
Nixon further states that although entering the Toronto Real Estate market can be quite a challenge these days (because of prices and demand), it is not out of line when you compare it to other major cities around the world like London or New York. He also shares that is important to not lump the Canadian housing market together as what is taking place in Toronto is not the same as what is going on in Vancouver and vice versa.
Nixon shares that he sees the housing market in Vancouver as being driven by a different dynamic compared to what is taking place in Toronto. For instance, Toronto has so much investor and foreign activity and what will happen to the rest of Canada will depend on how attractive the country remains to be in the eyes of investors.
Excited to hear more about the future of Toronto and Oakville Real Estate? Then bookmark the GoodaleMiller blog where we bring you the latest real estate news this side of Canada. Want to be a part of the action? Then invest in an Oakville home! Contact us to know more!