CONNECTING THE DOTS – Toronto Home Prices Invaded By Investors -This Will Cause a Mass exodus of Middle Class !

Toronto’s condo market showed signs of vulnerability, from falling windows to unsustainable community planning, and, yet, the boom continued. In 2008, the average price of a Toronto condo was approximately $295,000 (currently, it’s $665,000). At first, the boom was fuelled by the growing population of new Chinese Investors, Chinese students, and young professional Chinese workers. Then came Airbnb. Over the past decade, it went from a simple way to earn some extra money from unused space to a thriving real estate sub-industry — a boom within a boom. Small-scale real-estate investors saw that automated short-term rentals were a simple, profitable way around Ontario’s pro-tenant laws, and condo sales continued to skyrocket. According to a 2016 report from the advocacy group Fairbnb, if all Toronto home stock listed on short-term rental websites, such as Airbnb, were converted into long-term housing, the rental vacancy rate would increase from 1.3 per cent to a “healthier” 3 per cent, based on 2016 figures.

#chineseinvestors #Foreigninvestors #torontohousing

Please watch: “Mike in The Night ! – The Great Reset – #mikeinthenight #talkshow #Thegreatreset”

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