by Ephraim Vecina | 19 Oct 2016
While the Toronto condominium market will certainly feel the dampening effects of the recent changes to federal rules governing mortgages, a renowned developer and real estate broker argued that the adjustments will not necessarily lead to price corrections and sales decline in the city.
“It's really not the end of the world,” Brad Lamb told CBC News.
“The market here is so well supported with employment. There are shortages of rentals, shortages of purpose-built rentals, and shortages of anything to buy,” he elaborated. “I think it's a whole lot of nothing.”
Lamb added that instead of fleeing Toronto, first-time buyers—who are projected to be among the sectors most negatively impacted by the new rules—will simply “adjust their expectations downward,” as Toronto’s economic fundamentals are still too stable to depart from.
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