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Toronto Condos – Is it the Right Time to Buy?
Dated: July 15 2024
Views: 241
Condo Buyer’s Market!
♦ Greater Selection
♦ Lower Prices
♦ Less Competition
♦ Low Mortgage Rates
Toronto Condos – Is it the Right Time to Buy?
People have been asking me for my opinion about the Toronto condo market lately. The media is often confusing, with contradictory reports, because different writers choose to interpret the stats differently. The condo market has been flooded with inventory lately because the rental rates have dropped dramatically and travel has been restricted affecting Air BnBs. Some investors are trying to cut their losses and move on by selling their properties. This increase in inventory results in lower prices. In the third quarter of 2020 there were 7,253 condos listed on TREB, as compared to 3,327 condos in 2019’s third quarter.
It can all be a little bit scary. You might be asking yourself “why would I buy a condo now, when everyone is trying to get rid of theirs”? Or you might be thinking about taking a “wait and see” approach, wondering how far will condo prices fall. In my opinion, I think whether you are a renter looking to purchase your first home, a condo owner looking to upgrade, or a homeowner looking to downsize, now is an ideal time to purchase a condo – it’s a Buyer’s Market! What does that mean?
- Greater selection
- Relatively lower prices
- Less competition amongst Buyers
- Low mortgage rates that are projected to remain low for some time.
If 2020 has taught us anything, it’s that we cannot predict the future. But there are a number of key indications that the condo market can only fall so far in Toronto and this Buyer’s Market will only last so long:
- The pandemic will come to end as vaccination will become available over the next year.
- People and businesses will stay and return to downtown.
- Working from home is the new normal for many, but Toronto’s office vacancy rate is still considered low and a turnaround is predicted.
- There is still a housing shortage in Ontario which will continue to grow
- The federal government’s immigration plan will bring 1.2 million new people to Canada and many will come to Ontario
- Short term rentals will return, albeit under new guidelines in Toronto. But Airbnb isn’t going away and short term rentals will still draw demand for condos.
So there are many good reasons to look at condos this winter. But a wide selection doesn’t mean that all choices are good ones.
Understanding which condos offer good value, which neighborhoods are desirable, and knowing the Toronto market will make all the difference. That is where I can help, contact me and let’s discuss whether a condo purchase is right for you.
Viraj Tanna
Welcome! I'm Viraj Tanna, a dedicated Realtor with over 10 years of experience in the dynamic Toronto real estate market. I specialize in both residential and commercial properties, providing personal....
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