QUOTED: Condo mogul Brad Lamb thinks Toronto will soon be exactly like New York
If you want to live in central Toronto, you’re going to have to live in a condo. Families will be forced to buy into high-density living. It’s the natural evolution of a city.
—Condo broker and developer Brad Lamb, on what he calls the inevitable “Manhattanization” of Toronto. Lamb says steep prices and a dwindling supply of houses will soon push Mom, Dad and Junior away from backyards and driveways and into condoland—a belief shared by several other big names in the Toronto real estate world. Prices for single detached homes and townhomes are projected to rise 30 to 50 per cent in the next decade, making condos (which are actually shrinking in size) the only option for many families looking to nest within the city. We imagine this news will only make the current bidding wars for houses even more bloodthirsty. [CBC News]