Brokers and urban planners debate how a home vacancy tax and other efforts to make housing affordable will play out in 2021
2020 has been a very fascinating year when it comes to Toronto real estate. Our housing market reacted in unexpected ways to a global pandemic that hit the economy hard.
Just when you think Toronto house prices couldn’t get any higher, they keep getting higher. There are so many condo units sitting vacant and more being built. All the while, the need for affordable housing gets more urgent.
Time will tell if the vacancy tax the City of Toronto plans to introduce will shake things up in a positive way, and whether immigration will resume, fuelling a post-pandemic housing rush.
One thing is for certain: Demand for housing remains high, but the city needs a greater diversity of housing options while taking environmental concerns into account.
To discuss these issues, we gathered a panel of Toronto real estate experts: two brokers, Odeen Eccleston from WE Realty and Meray Mansour from RE/MAX Hallmark, and two urban planners, Paul Demczak from Batory and Cheryll Case from CP Planning.
Our experts discuss what’s in store for Toronto real estate