The Greenbelt and tax sale properties

[Rob]

With the 2005 Greenbelt act now in full effect does anyone believe we will see an onslaught of new vacant unbuildable properties surrounding Toronto hit the tax sale market soon? 

[Frank]

We warned them before they put it in place that property values would double.  Now we are seing that that is exactly what has happened over the past year.  I believe they are now stabilizing, however there are likely many situations where people have panicked and over-bought in order to get in on the action before it is too late. 

Urban development land has gone through the roof with developers trying to get their las piece of the pie.  As well, rural vacant lands have skyrocketed simply as a result of the supply cut-off (no more retirement and in-fill lots).  I sold a 1.5 acre lot five years ago for $105 and thought I did well.  Just sold another one for more than twice that in the same area.  I believe we will now see a lot of old country homes being torn down and new ones put up - similar to what is happening in cottage country - simply because of the tightening grip on land and curtailment of new lots coming on stream.

[Rob]

What about the unloading of unbuildable properties by different city governments?  That Caledon property listed last week was one of those type of unbuildable Greenbelt properties.  I think the cities are going to unload what properties they have available (maybe not in Pickering although).

I agree you cannot find a home for less than 100,000 anywhere in the GTA area.  I remember when Hamilton properties were going for 70,000 though MLS.  You won't see those days again for awhile.