Toronto real estate supplies shortage is happening to very single category: –
House, Condo, Office, Store, Workshop, Warehouse, Manufacturing Plant, even Camping Ground, you name it, they will tell you there is shortage.
That’s why when people tell me they are looking at camping out in a tent or staying in a trailer/boat, my answer is simply: “My friend, you have no idea what is the real housing problem. To begin with, there has never been an issue with what you want to live in. The problem is simply there isn’t a spot you can put up anything. Not in the City of Toronto for sure.”
Similarly, when people ask me how to build a fancy house cheap and stylish, quoting some fancy architectural ideas from all over the world, eg. people in the U.S. live in mobile home that cost $5 grands a pop, erect stunning prefab house with barely a quarter of the cost should you hire a local general contractor to do so. Or perhaps build some kind of “green” home with roses on top of the roof, and the ceiling is steel and are all glass from floor up to the roof (even the roof is glass), solar powered … Blah, blah, blah.
Well, my answer is again simply,
In hotspots like Vancouver and Toronto, the building costs have nothing to do the prevailing property prices. In another word, if a detached home costs $1.5 millions, then it will still cost you $1.5 million even it is built with cardboard paper, literally speaking.
Yes, fancy architectural ideas are basically very trendy, very stylish (like Twitter trend) eg. the so called contemporary modern boxy homes. But remember, they are pretty much like fashion, count yourself lucky if the same trendy home still can find fans few years down the road. On the contrary, a classic home is just a like classic car … Always evergreen.
Call me an outdated dinosaur, if you wish. Personally, I would avoid gambling with modern stuffs when it come to bricks and mortar . Even trying new materials can be disastrous, in many cases. If only you how many new materials/technology have been introduced … and gone.
Downtown Toronto office vacancy rate lowest in North America, real estate firm says
Play Safe, Stay Safe …
The real estate math mistake we all make
Read this in case something unfortunate happens …