Toronto construction worker says house prices will drop

Mitchell Cohen CEO of Daniel Corporation

  • One of Toronto’s biggest real estate developers says Canadian home prices could fall by up to 20%.
  • In the longer term, however, sustained immigration demand will prevent larger declines.
  • Canada’s benchmark home price posted its first annual decline in two years last month.

One of Toronto’s biggest land designers says the cost of homes in the city could drop by up to 20%. In the longer term, however, the demands supported by the movement will prevent larger disintegrations that could undermine the market even more completely.

“Will there be a dunk in the costs? Indeed,” said Mitchell Cohen, CEO of Daniels Corp., in a meeting. “Is it half?” No. Is it 10-20%? Most likely. I don’t see a devastating blasting of this inflatable we live in on the grounds that Toronto, the most important Toronto area, to Canada is a vital financial center. People will continue to come to Toronto and will have to live in Toronto. In addition, the units we build will be filled.

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Cohen’s projections are in line with some financial analysts who say Canadian home estimates will offer back part of half the increase they’ve seen during the pandemic. That revision may be currently underway, with the country’s benchmark housing cost registering its first annual decline in quite a while a month ago. Markets like Toronto, which had seen the biggest gains recently, led the decline.

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Cohen said the people who are likely to cause trouble will be lenders who have purchased units to be returned, or whose contract payments are higher than anything they can hope to collect on lease, as the cost of ready increase. While lenders have come to represent about a fifth of the market in Canada until last year, any units they are forced to sell will eventually find buyers or renters, amid levels of record migration, he said.

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Alice F. Ponder