Since the great panic buying in the early 2017, Toronto real estate has been cooling off including the condo market. Toronto Real Estate Board shows that the price of condo was tapering in November however sales have dropped while prices still climbed.
The price of a condo had increased on both monthly and annual basis. For example, the price of a condo typically cost $464,000 which is a 21.62% increased compared to the same time last year.
With the new mortgage rules that have been enforced, more buyers will qualify for a lower mortgage.
You might be asking yourself if now is the right time to invest in a new or sell condominium in Toronto. the Canadian Economy forecast and Toronto economy is looking very positive at the moment which can result in new and old condos will be in high demand from employed buyers who can save for the big down payments.
On the one hand the changes in mortgage plans is favorable to some, for some people it is still a burden which forces them to stay in the rental market. For investors out there, they are well aware of the increasing demand on student housing in Toronto. Therefore there is a big investor demand for condos too.
Even though many would want to buy a dream home for their families, most buyers in the Toronto area can only afford a condo. Home prices are averaging over $1.5 million in some areas in the GTA, while condo developments can offer more for tenants. Another key feature of Toronto condo is the proximity to work, leisure, shopping and restaurants. To the young millennials, they have to handle rent or mortgage and car payments. Many workers choose to move into the city to be close to their jobs.
You might also ask where are the Toronto’s best investment condos. As Toronto Real Estate Board shows, the top location is Central Toronto, Toronto west and Mississauga. Something the investors should take a note is that Central Toronto is close to University of Toronto, Ryerson and other colleges where students off campus housing is in great demand.
Demand for condo is growing and Toronto economy is also in a positive and strong trend, rents are rising rapidly. If you are considering to invest or own your own condo, you will have to jump in now or at some point because the prices are going up and there is no obvious factor at this moment that will cause it to drop dramatically.