If you’re having trouble buying a Toronto condo with an average sales price of $612,341 [1], then would you consider buying a Digital House for that price range? Let’s just move just beyond the traditional real estate market here, as I am sure you’re just as fatigued as I am about hearing the same news about this crazy market week after week since 2021 started.

The sale of a digital house is of particular interest here because this is where Art, Architecture, Technology AND Money & Real Estate truly collide.

Toronto-based Designer Krista Kim sold Mars House, for 288 Ether ($512,000USD). This is “the first virtual house to be sold as a non-fungible token, or NFT – basically, proof of ownership for an image, video or any digital asset.” [2] Note, the furniture Kim designed, which comes with the house, can be produced in real life.

Will digital real estate ever rival the actual housing market?

Krista Kim’s short answer is that “It will outlive any condo.” [2]

When it comes to investing, my short answer to you is eventually YES, and here are my reasons why:

The pandemic has pushed everyone regardless of age to use technology. People who would never order on Amazon or groceries online pre-covid are doing it now.

Furthermore, augmented reality is seeping into our everyday lives. If you have played or seen your (grand)children play Pokemon Go, you will know what I mean. An entire world has been created where participants interact with others via mobile device. Commerce and social interaction happens in this world, and you see an augmented reality lifestyle take place where you can buy/earn for your Avatar special tools or clothing, giving you a social ranking in this digital reality.

Someone had to design every detail in 3D this augmented world, and these designs can be re-created and 3D-printed into the real world.

It’s just a matter of time whereby my 5 year old will be begging me to buy this limited edition outfit for his Avatar because all of his friends’ Avatars are wearing it. And I don’t see him and his peers moving away from Pokemon Go anytime soon.

So let me ask you, will digital real estate ever rival the actual housing market? As always I LOVE your thoughts and opinions.

 

Toronto Stats this Past Week

MLS activity from May 12 to 18 for residential properties:

↑ For Sale:
5,489
Newly Listed:
1,606
Sold:
684
↑ For Rent:
7,130

Compare the above to the week before from May 5 to 11 when there were
5,267 for sale, 1,607 newly listed, 644 sold & 7,117 for rent.

Today’s newest listings

TORONTO HOUSES FOR SALE

Under $950k $950k to $1.2M $1.2M to $1.6M
$1.6M to $2M $2M to 3M Over $3M

 

 

TORONTO CONDOS FOR SALE

Under $500k $500k to $600k $600k to $700k
$700k to $800k $800k to $1M Over $1M

 

OTHER

GTA Fixer Uppers Ontario Foreclosures Map Search

(Email or call me directly for specific sold or off-market properties)

If you would like me to look up any other numbers for you, just call or text me 647-804-8601. Let me know how I can help with your (RE)search.