But what drives demand, if not demographics?
This is the best advice that anyone can give a new entrant to the housing market.
I would only add one thing: when it comes to housing market predictions - an imperfect science if there ever was one - we should listen to economists less and demographers more. You cannot predict how the Bank of Canada is going to set interest rates over the next 15 years, but you can predict, with a little more accuracy, where certain cohorts are going to wind up and what they're going to do with the homes they own.
Baby boomers might be holding on to larger, more central homes now (especially if they're asset rich and cash poor), but in 15 years many of them will simply be too old and infirm (and some of them even dead) to stay put and many will put their homes on the market. Just wait it out.
Hipster - you really should work with an agent who can help educate you on reality.
If you take a look at the basic 4 person baby boomer family that used to live under 1 roof, their kids are now in their 20's and eager to move out. All of a suden , the same amount of people require double the housing requirememt (if not triple if the kids live by themselves and don't move in with roomates/partners). That's partly were demand will easily outstrip population growth.
What makes you think I am entitled? I just want to own a home. I work and everything.Requesting a crash (as per your first post in this thread) only shows how entitled you feel you are.
Nobody owes you anything (not even Mommy and Daddy).
If you really want to get educated than a good real agent and a good mortgage broker, will help educated you.
What makes you think I am entitled? I just want to own a home. I work and everything.
On the surface, new data from real estate boards in the two markets shows prices for resale homes are indeed still rising. In Toronto, the average price of a resale home was $517,556 in April — an 8.5 per cent increase from the same month a year earlier.
Veteran ReMax realtor Tom Cook said he’s seeing another issue contributing to the shortage of house listings: Homeowners who bought in the last decade but have seen their incomes lag well behind house price escalations.
While their homes may be worth far more on paper, at least, than a decade ago, they haven’t had the added income to pay down the mortgage, which means they can’t afford to list and move up.