Is this a worldwide trend? Wonder what it means for city tax incomes.
I also took a short trip to Okinawa (the beach islands of Japan) and the Airbnb prices were anomalously low, in fact it was more expensive renting a car for the time I was there than my stay. Not surprising, considering that last year ~31 million tourists visited Japan but this year that number must be very low.
http://trreb.ca/index.php/market-news/market-stats#commercia...
If leasing activity and sales volume are good indicators, it’s down. Though prices are up slightly…
Also that data is nation-wide, and not specifically for Toronto, which is reasonable to assume would be the hardest hit. (Biggest city, and Ontario has not controlled this as well as British Columbia.)
Toronto residential rentals are dropping but not that quickly. Construction has not slowed and condos are popping up like mushrooms. Prices seem stable for now
There is A LOT of hiring by US companies. Canadian labor is so cheap compared to CA. Every startup past series A seems to be opening a Toronto branch. This is awesome news as it will drive salaries up.
On another positive side we do not have homeless shitting on every corner. Drug addict camps are pretty small and localized and Winter is Coming. Plus courts are actually letting city clear the encampments.
I still can’t believe people are paying $600,000+ CAD for a 533 square-foot condo, and yet, condo prices are even headed up a bit.