The rental market in Toronto is hot hot hot… with an influx of Ukrainians fleeing Ukraine they are looking for places to rent. Many are coming with money. Space is at a premium. When rentals come to market they have a number of people who are lined up ready to jump. Sometimes the Ukrainians don’t stand a chance. The competition is fierce and can be discouraging for all.

The group of Ukrainians coming in are also looking for jobs. Most are educated and ready to work hard. The service industry which has been so short on staff should be happy. For many the stay in Canada will be temporary. It won’t be easy.

Taking a snapshot of current market is not that simple. Clients often ask us – if you had to guess what do you think will happen with our real estate market in the next year. This question is difficult to answer.

Currently it appears that the market remains very strong and a number of houses are getting very high numbers. However we have seen a few cracks in ”the crazy market” Not all houses in all areas are getting crazy prices. Some are selling for very rational prices and anything that is obviously overpriced is simply not selling. Condos are selling but are definitely not as hot as houses.

The advice to buyers and sellers is to buy and sell when the time is right for them and not to try and predict the timing. The last couple of years has shown that predicting the future is impossible.

Co-ownership perhaps an option for those not wanting and being able to spend on owning a home in Toronto’s highly priced real estate market. A client called me the other day and wanted to discuss the option of buying a house with 2 apartments and sharing with a friend. The idea sounded good but the realty of co-owning is not simple. So many what happens when… We see co-ownership arrangements happening more and more. Not only is it financially easier but also good for sharing responsibility in looking after a home, perhaps good for company. If all goes well this could work. But what if it doesn’t – lawyers could be busy.

Rental market in the city is heating up. It’s back to bidding wars for city condos as people start heading back to in person work. The young employees who were working remotely and moved home now need a place to live in the city as employers are calling them back. The subway is not the best option as some companies actually do not want their employees going on the subway due to Covid risks. I can’t imagine the traffic if everyone starts driving downtown. We haven’t even started with a lift on immigration which would also bring an influx into the city.