Commercial real estate rescuing Toronto’s budget
Busy commercial real estate market boosted Toronto city’s budget. The commercial boom which was slumping made a residential real estate market which pumped $10 million i.e., five per cent, less than budgeted into the city treasury.
The city’s ability to pay for goods and services is also tied to property sales. City council has ended years of extremely conservative forecasts for land tax revenue and is instead banking on more than $800 million this year to help pay the bills.
Based on predictions of one real estate expert, the city might not have to worry as demand for Toronto office, industrial, retail and multi-residential properties often outstrips supply. Also the officials expect that the market would stay strong in 2018 and 2019 as well.