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With the residential resale home prices skyrocketing in Toronto and GTA in the past few years, the condo living became the entry point to home ownership fo many Torontonians. The average price for condominium units last December was $532,700 (according to Toronto Real Estate Board), an increase of 14.1% compared with prices in December 2016.
Predictions for the condo demand and prices in Toronto are that they will continue to rise in 2018.The new borrowing rules for the mortgage industry that came into effect in January 1st this year as well as the rise in interest rates on mortgages may temper the prices for a while. But the strong economy, the immigration plan, as well as the education opportunities offered here will continue to attract buyers to settle in the city.
According to the Economist Intelligence Unit, Toronto ranks in the top 5 most livable cities in the world after Melbourne Australia (#1), Vienna Austria (#2) and Vancouver Canada(#3).And we have not made it to the top of the most expensive cities in the world yet..
So, who are all these condo buyers in Toronto?
First of all, they are people that want to avoid commuting and want to enjoy the proximity to work and all the fun that the city offers.
A large percentage of buyers are single femals, young professionals or students with safety and security concerns. Retirees looking to "smartsize" are also a big part of the prospective condo buyers in Toronto in 2018. Investors, people that can afford to put some money in a commodity that they can either enjoy by living in it sometime in the future, sell it for a profit once they build some equity or rent it out. These smart investors are not concerned of oscillating prices and invest for the futre, for themselves or their children.
Also, a big percentage of condo buyers are out of town or international students that are looking for a few years accommodation and last, but not least, families that have been kicked out of the housing market after price increases, stress tests and rising of interest rates on mortgages...
If you are thinking of purchasing a pre-construction condo, let me assist you in making the most informed decision and finding a condo project that reflects your needs and financial capabilities, taking into consideration the location, commute, price, floor plans, maintenance fees, taxes, amenities etc.
Happy shopping!
Predictions for the condo demand and prices in Toronto are that they will continue to rise in 2018.The new borrowing rules for the mortgage industry that came into effect in January 1st this year as well as the rise in interest rates on mortgages may temper the prices for a while. But the strong economy, the immigration plan, as well as the education opportunities offered here will continue to attract buyers to settle in the city.
According to the Economist Intelligence Unit, Toronto ranks in the top 5 most livable cities in the world after Melbourne Australia (#1), Vienna Austria (#2) and Vancouver Canada(#3).And we have not made it to the top of the most expensive cities in the world yet..
So, who are all these condo buyers in Toronto?
First of all, they are people that want to avoid commuting and want to enjoy the proximity to work and all the fun that the city offers.
A large percentage of buyers are single femals, young professionals or students with safety and security concerns. Retirees looking to "smartsize" are also a big part of the prospective condo buyers in Toronto in 2018. Investors, people that can afford to put some money in a commodity that they can either enjoy by living in it sometime in the future, sell it for a profit once they build some equity or rent it out. These smart investors are not concerned of oscillating prices and invest for the futre, for themselves or their children.
Also, a big percentage of condo buyers are out of town or international students that are looking for a few years accommodation and last, but not least, families that have been kicked out of the housing market after price increases, stress tests and rising of interest rates on mortgages...
If you are thinking of purchasing a pre-construction condo, let me assist you in making the most informed decision and finding a condo project that reflects your needs and financial capabilities, taking into consideration the location, commute, price, floor plans, maintenance fees, taxes, amenities etc.
Happy shopping!