Conventional wisdom says the condo market is over-built and apartment proformas don’t work in the GTA. The data says the exact opposite and the numbers are truly incredible. Shaun Hildebrand of Urbanation joins us to discuss his findings in the newly released Q3 2016 Market Update (Download it here)
In this episode:
- Rent per square foot figures being achieved in condo rentals vs purpose built apartments.
- 90% of all condos in all stages are pre-sold.
- The luxury segment is seeing remarkable growth for both sales and rentals.
- New projects are balancing out their unit mix. 40-50% of units are 2+ bedrooms.
- The foreign buyer tax and why the foreign buyer data in the GTA numbers isn’t precise or accurate.
- The potential effects of a foreign buyer tax in Toronto.
- The effects of previous mortgage rule changes on the market.
- The pressures on apartment rental rates to rise.
- The rapid rise of apartment construction.
- Will the current mortgage rule changes impact condo closings.
Adam ends the show by talking about some of the more interesting findings in the Urban Land Institute / PWC Emerging Trends in Real Estate 2017 Report. Read the full report here.
A bit about our guest…..
Shaun Hildebrand is Senior VP at Urbanation, a real estate consulting firm focusing on the Toronto condominium and rental markets. Urbanation recently acquired The Marsh Report, expanding the company into commercial property research and complimenting their comprehensive database, analytical reports and market feasibility studies. Shaun has acted as a key spokesperson for the local real estate industry for several years, providing regular commentary to the media, delivering presentations, and producing research and forecast studies for stakeholders. Prior to joining Urbanation in 2013, Shaun managed the GTA housing market analysis program for Canada Mortgage and Housing Corporation (CMHC).
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