Brad Lamb is a realtor and developer based in Toronto. He’s been so successful in the city’s condo boom, he’s become known as the “Condo-King”.
In a recent interview with CBC on the sustainability of the Canadian condo market he said that half of the condos in Toronto are owned by people overseas, and Vancouver’s condo market was “highly bought by the Chinese”.
It’s inevitable that everyone, except very wealthy people, everyone, will be living in apartments in Toronto within 20 years.
Of the Toronto market, he said there’s a “big interest in Toronto as a safe zone to put money” so there’s more of an international pool of investors, many of whom now live in Canada as well.
He described the condo-market in Canada’s largest city as very vibrant with only a 1 per cent vacancy rate.
As there are no more apartment buildings being built, Lamb said renting a condominium unit is the only option left to the growing population of Toronto.
“It’s inevitable that everyone, except very wealthy people, everyone, will be living in apartments in Toronto within 20 years.” he predicts.
Lamb said, “Within Toronto, we are now forced… to provide 10 per cent of all the stock as a three-bedroom stock. That’s a good step in the right direction,”
Brad J. Lamb Realty Inc., has sold more than $1 billion worth of condos in four of Canada’s major cities, Toronto, Ottawa, Calgary and Edmonton.
This link will show you more of the changes in Toronto’s skyline over the past 10 years.
http://www.cbc.ca/news2/interactives/before-after/toronto-condos/ba.html
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