The Toronto Condominium Market has always been one of the hottest topics to discuss when it comes to real estate market analyses.
When you drive across GTA it is very hard not to notice what changes the city is undergoing with the rising number of condo buildings under construction in almost any part of town.
Does this growth really impact the resale condo market? How is the market doing?
Based on the statistics for the 3rd quarter of 2013 The resale condo is doing pretty good despite the sales dropdown in the beginning of 2013. At the moment , the average GTA condo apartment sells at 340, 069$ – up almost two per cent in comparison to the average of $333,846 in the third quarter of 2012.
In the city of Toronto the average price point stands at 355,000$ while in (905) area code the avarage selling price is just under 300,000$. Condos buyers were affected by the stricter mortgage rules which dampened the market for the first half of the year, however the onset of stricter lending guidelines did not bother a growing number of buyers to restart their search for a condo apartment since the summer.
Why condos continue to be in trend and demand? Here are a few reasons why:
1. Most of condo apartments in GTA are located within proximity to employment, transportation and leisure activities
2. The home ownership of a condo still remains affordable and attractive for everyone from those who just arrive to Canada or first time buyers or seniors downsizing from larger freehold homes
3. Investors still play a crucial role in the market growth. The Condo apartment rental market volume has increased by almost 23% compared to last year bringing the rental price above inflation level in the segment of one & 2 bedroom units. The vacancy rate remains low allowing the investor to the rent very fast.
Looking ahead, the Toronto Real Estate Board predicts that the economy will remain steady next year with a prices moving forward. The growth of 1.8-2.2% is predicted for 2014-2015.
If you are on the market of selling, buying or investing in condos, feel free to give a call to your condo speacialist at 647-833-3287.
‘ Your Toronto Real Estate Guide’