My, how the times have changed! A decade ago, detached homes ruled the Toronto real estate world. Moving into 2019, condos are dominating. January 2019 statistics actually showed that condominium prices were 12.5% higher than January 2018, with the average condo costing $803,638. While condos increased in price (and popularity), new-build home prices began to lose traction. In fact, new-build prices dropped 8.1% compared to January 2018. That is not to say that sales slumped, however. In fact, new single family home sales actually increased by 13% compared January 2018. Prices dropped, sales increased.
So what does this all mean? Well, if you are moving to Toronto or relocating to Toronto, or perhaps you are looking into real estate investing, these are important things to keep in mind. Demand is dictating the market. If you are a Real estate investor, then condos are a great place to start. First time home buyers are also looking to condos or townhomes to gain entry into the market, though with single detached home prices dropping, opportunities are popping up. This is where an experienced real estate professional (like us!) can help find those great opportunities. There are still excellent deals to be had, and it is clear by the stats that Toronto real estate is a great investment.
Interested in buying real estate in Toronto & the GTA, or perhaps investing in Toronto real estate? First time home buyer? Moving to Toronto? Are you part of a Toronto relocation with your employer? We can help you with all steps of the process, from finding a new home, temporary accommodations in the meantime, destination services, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to Toronto, we can help with all aspects of the relocation.
We’d love to hear from you, so call us today to book your complimentary private consultation.
Once you are all settled into your new home, let us help you with a relaxing Caribbean get-away with a private luxury villa rental in St Martin/ St Maarten, St Barth’s or Anguilla. Caribbean villa rentals are a cost-effective way to travel. Ask us how!
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Condo Prices Increase. New-Build Prices Drop.
Blog by Doriana Zohil-Morton, Broker of Record/Owner | March 6th, 2019