The much talked-about foreign investment impact makes headlines but Toronto’s hot housing market is more than a single story.
In the old City of Toronto the house prices have also been driven higher by renovation. Where a decade ago you would have found run down properties, you are now likely to find revitalised homes and new dwellings created with infill housing.
As modern buyers want to live near the city core; cutting their commute and being close to leisure and shopping facilities; the ageing neighbourhoods are being transformed.
While critics will talk of density being too high and the effect on prices, it is simply the market reacting to demand in an area where land is at a premium.
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