Toronto condo market
The number of condos for sale has quadrupled in the space of a few months, and many more are on the way.
A year ago, you only needed $77,000.
As an analytical realtor who focuses heavily on market-based statistics, I've started to understand the growing shift towards pre-construction condos. Millennials now pretty much don't have any shot at purchasing a house with the current appreciation in the market, despite the government's efforts to slow things down. Even purchasing condos may be a stretch for some. Getting into pre-construction condos however, is the golden ticket.
There's no question condominiums are an increasingly popular housing choice for Canadians for a variety of reasons -- lower costs and prime inner city locations chief among them. But this also means condo buyers' demands are changing like never before.
Do buyers in the GTA housing market have unrealistic expectations? What is fair when it comes to affordability? I remain convinced that a single-detached home will remain beyond the reach of most people in Toronto, simply due to market fundamentals -- so we'll all have to readjust our expectations. This is where we have a problem. If people are not willing to settle on the type of residence (i.e. condo vs. single-family) or the unit size, prospective buyers are going to really feel the sting of unaffordability.
The idea of buying a condo might have crossed your mind, but before you rush into this trendy alternative housing arrangement, keep in mind that vacancies may start climbing later on this year. Here are some basic pros and cons of condo ownership, and compare buying versus leasing a condo unit.
House prices in Toronto are about to peak and begin declining, TD Bank forecasts in a new analysis that declares the city’s long-running building boom “has come to an end.”
This is what the price gap between new homes and condos looks like in Toronto right now. That's right: it's a big, yawning
“It certainly looks” like Toronto’s impressive condo boom has run its course, the Bank of Montreal says in a client note
BuzzBuzzHome:At the end of Q2-2014, there were 213,683 homes being built across Canada’s 10 busiest new residential construction