Perhaps a tone of sarcasm in Brent Jang’s column in this morning’s Globe and Mail: “Don’t worry about the backyard because there won’t be one.”
Price Waterhouse Cooper and the Urban Land Institute released a new report this morning reaffirming some very apparent trends in the housing market, and perhaps answering the question whether the opportunity for a housing correction (that we are potentially amidst) will change any of these issues.
The main takeaway is simply that they project detached single family homes will remain out of reach of average incomes over the long term as cities continue to densify, and referencing Vancouver and Toronto in particular.
Interesting, as they note when contrasting, say, Vancouver and Calgary, is the condo craze hasn’t caught on in markets where there isn’t enough of price difference between condos and homes, as both remain entry level options.
Also interesting is the idea of urban immigration, that is, millennials moving to the big cities, which is a trend increasing the need for supply.