Most of those standing in line were investors hoping to snag a townhouse or semi-detached in the $400,000 range.
As homes in the GTA have steadily climbed, many investors are now looking to put their money into more affordable real estate in places such as Kitchener, Hamilton and Guelph. Buying a home in the GTA is slowly slipping away from more and more home buyers who have no choice but to move into other cities or rent in the GTA.
But here’s the thing, as more and more investors buy into projects in places like Kitchener, prices there will increase. And as it increases, it ends up becoming unaffordable for the people who live in these cities or who want to buy homes there, in time they will end up having to rent homes from investors living in the GTA. – CINEWS