Buying a Condo – Why Now?
Tags: BUYING A CONDO, TORONTO DOWNTOWN CONDOS, CONDO BUYERS MARKET, TORONTO REAL ESTATE, REAL ESTATE INVESTING, DOWNSIZING, FIRST TIME BUYER, TORONTO REAL ESTATE, Toronto Realtor
Are you a first-time buyer, real estate investor, or considering downsizing to a condo? Now maybe the right time to buy a condo.
Prior to COVID-19, the condo market in downtown Toronto was very hot, and quite often condos sold in bidding wars. The current pandemic has changed the demand for condos for 3 reasons:
• Tourism stopped which impacted the short term rental market
• Students have not returned to downtown Toronto
• Given that most corporate employees are now working from home they have looked for other living arrangements
October 2019 to 2020 Condo Market Comparison
In the last 8 months, we have experienced substantial increases in condo listings. The market has shifted from a seller’s market to a buyer’s market. Prior to the pandemic condos were frequently selling in bidding wars and that has quickly shifted in the last 8 months.
What does this mean for anyone considering buying a condo? The current market is creating great opportunities for buyers or investors considering purchasing a condo in downtown Toronto.
Mortgage rates continue to be at all-time lows, the Federal government recently announced that it plans to increase immigration by 1.2 million people over the next 3 years, there continues to be a shortage of housing stock, and there are strong indications that a COVID vaccine is on the verge of being released. Toronto downtown corporations are starting to plan to return employees back to work particularly if the distribution of the vaccine happens soon.
The next couple of months may be great months to consider looking for a condo to buy. The months of December and January have historically been slower months for real estate which will further create buying opportunities.
If you are considering buying a condo in the near future and have questions – reach out.