Anyone who has been keeping an eye on the Toronto real estate market over the past few years will know that the condo market is hot, hot, HOT. Latest statistics show that there is no slowing for this part of the market.
So why are condos so hot? There are quite a few contributing factors. First, more and more people are opting to “live where they work” to reduce their commute and have more spare time. Others are real estate investors buying condos for rental income. Downsizers are buying a condo in Toronto to simplify their lives. But for first time home buyers, it is simply because they cannot afford a house. Condos are an excellent stepping stone to help people get into the Toronto real estate market. With all the amenities available in modern condominium buildings, it can be an excellent quality of life.
Between March and July 2019, condo sales in the City of Toronto topped 7,794 units, with an average price of $629,499. That is an increase in price of 5% of the same time last year. The average price in Toronto is also 8% higher than the Greater Toronto Area (GTA). Outside of the City of Toronto, the stats are showing an increase in the number of units sold (3% more than the same time-frame last year). These numbers confirm that many buyers are looking outside of the downtown core to get into the condo market, which is staying strong everywhere.
Any way you look at it, condos have demonstrated, yet again, to be an excellent investment. Toronto is certainly becoming a mini Manhattan faster than we think, with property values quite undervalued in the global market. Condos continue to prove to be a popular choice for buyers.
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.
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