Will the drop in Toronto’s downtown condominum prices spread to detached house prices?'
Here is an excerpt from the Toronto star article titled
'If you can’t sell your condo you can’t move up’: Will the drop in Toronto’s downtown condominum prices spread to detached house prices?'
Toronto’s softer condo sales and prices have so far remained at odds with the region’s blazing single-family home market.
Many realtors and economists say the condo sector will regain its momentum once workers return to their downtown jobs and classes, and the stream of immigrants starts flowing again to the Toronto area.
But not everyone buys that.
Investment adviser Hilliard MacBeth, author of, “When the Bubble Bursts: Surviving the Canadian Real Estate Crash,” said the single-family home market will inevitably be affected by the condo sector.
“For almost everybody, if you want to buy a single-family home you’ve got to sell something,” he said. “The problem is, if you can’t sell your condo you can’t move up.”
Full article here: If you cant sell your condo...