The frigid temperatures are keeping real estate agents inside as the Toronto market is getting off to a bit of a slow start. It is usually quiet in January, but it seems like inventory levels for this past month were even lower than usual. There were very few new income property listings as well. Expect things to start picking up in early March in and around the school breaks.
At the moment there isn’t a single income-generating property in downtown Toronto asking less than a million dollars. There are also a few priced over 2 million dollars that are generating less than a 3.5 cap rate on existing rents. It may soon be time to rename them “multiple suite properties” instead of “investment properties”. But I guess I would have to go and change my business cards and website if we did that.
Happy Valentine’s Day and I hope all of you enjoy the big game this weekend.
This Month’s Featured Articles
Last week the Detroit Eatery on the Danforth, our local diner of choice, suffered a horrific fire that gutted their entire premises. I wish my friends Chris and Alex all the best and hope to see them back at it soon. This tragedy got me thinking about how devestating a fire can be and how we should all be as vigilant as possible when it comes to fire prevention and safety issues.