Condos on the other hand are experiencing a pull back in prices due to the lack of immigration, travel, in person classes at universities/colleges, and investors looking to cash out after a strong run. New listing inventory has more than doubled, wiping out considerable growth, and prices are now flat year over year, with an average selling price of $622,122.
Given the incredibly low interest rates, we are starting to see some good investment opportunities present themselves in this segment. If you have been thinking of getting into the condo market, over the last few years, this could be an opportune time.
Going forward, there will be bumps in the road as the covid numbers escalate and are offset by the promise of a vaccine. I expect the strong growth in prices and sales to continue for the foreseeable future as buyers take advantage of the low interest rates and embrace the need for more space and flexible work conditions. It should also be noted that all of the activity in the market is largely without the presence of foreign buyers due to travel restrictions. I believe that once borders open up, there will be a flood of foreign investment coming into the GTA as I think you will agree that our government has handled this pandemic as well as any, adding further to the list of reasons why the GTA is a prime destination for foreign buyers.
If you ever have any questions regarding the market or your home, feel free to reach out to me anytime at 416.223.1818
I’m never too busy to talk about real estate!
All the best and stay healthy,