URBAN VERSUS RURAL, ONTARIO HOUSE PRICES ARE GOING WAY UP – IS TORONTO THE FELON?

Toronto and its surroundings are getting lots of criticism for skyrocketing costs in the battle to try and secure homes in smaller towns and cities – not to forget farmers and others who depend on tourism. ‘Toronto Life’ headlines what’s going on above “a market gone berserk; over-asking hysteria; million-dollar dumps; rabid bidding wars; sight-and-unseen offers.” The big city in the south, that’s Greater Toronto, has become the cherry-on-top amongst realters, and it’s now being grilled by the press. Is the city to blame for this?  Data in the Globe and Mail puts it – “Toronto buyers are behind the uptick in house prices across Ontario.”With images like these in the back of our minds, some thoughts were forthcoming from Rachelle Younglai in a June 5th Globe story. First off, multiple offers are common now in much of Ontario. – “Torontonians are contributing to the spike in real estate prices in cottage country and smaller Ontario cities. (They are) driving up the prices . . . and have helped (increase them) on residential properties.”  It’s true that there are some higher paying jobs in Toronto, but along with those are much higher costs to afford a big city roof over our heads.  <Photo above – by Dreamstime> A Teranet Study, which analyzed mortgage activity in the provincial land registry, found that Torontonians and the rest of the province spent similar amounts if a condo was involved. The study found that a Toronto condo owner spent an average of $523,000 on a condo outside the city in 2020, compared to the provincial average of $505,000. According to the study, migrating Torontonians are busy increasing growth of the Simcoe Region and Cottage Country to the north, along with Durham to the east.

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