September 14, 2020, by Sean MacKay
Researchers from Ryerson University’s Centre for Urban Research (CUR) say that the trend of Millennials taking advantage of the low mortgage rates due to the pandemic’s economic impact to buy single-family suburban homes in the outer areas of the City of Toronto and surrounding GTA is weakening the condo market in the city’s denser urban area.
CUR’s Diana Petramala and Victoria Colantonio wrote in a research that the resale market in the suburban “905” region broke sales records in August, with buyers showing “a higher preference for ground-related housing.”
The researchers went on to point out that this shift in home buying preferences to suburban markets and ground-related housing coincides with a significant change in the way short-term rentals are regulated in the City of Toronto.
What does this mean?
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