If you like to move to the Toronto CondoMapper market, this fall might be the right time. The Toronto, real estate epidemic has reached new heights, with sales backing up and June average prices hitting a new record high. Meanwhile, condos have seen low-pronounced price increases, indicating a potential buyer’s market for the Toronto condominium sector.
According to the Toronto Real Estate Board (TRREB), the average price reached $931,000 in June, up from the previous record of $920,791 in April 2017. Toronto detached home prices rose 14.3% to $1.52 million, while semi-detached home prices rose 22% to $1.29 million. Meanwhile, the average cost of Toronto condos rose 5.6% to $2,000 in June. For those who have waited for the right time for Toronto’s expensive property to hit the market, this may be the case.
Isolated houses with short supply
Home buying priorities have changed in the wake of the CEVID-19. RE/Max brokers increase the demand for larger properties and determine buyers’ sights outside the city center and even cottage countries that currently experience boom inactivity. High demand and low supply have encouraged the rise in prices of these types of properties.
A new RE/Max report reveals that segregated housing prices have risen by 95% in the Greater Toronto Area in the six months of 2020. Here is 416, the double-digit price increase of the district is reported. The number of sales and inventories declined after the state of emergency took effect, but by mid-May, green shoots had spread to surrounding areas of the city, and demand had risen again.
Acute consumer sentiment boosts Toronto real estate activity:
A survey conducted in May by RE / Max found that 56% of Canadians who plan to enter the real estate market said they expect to do so in less than a year. Also, 44% of Canadians say they believe the real estate market will return to pre-epidemic by 2021, and 29% think it will happen before the end of 2020.
Indeed, in June, these sentiments were seen to be much lower in 2019 with heated home-buying activity in Toronto compared to unit sales (-1.4%), with active listings down about 30% from the previous year’s level.
Is Toronto Real Estate A Good Investment?
If you want to invest in Toronto real estate then rental property opportunities are an excellent option. The population in Toronto is growing so fast, and so is the demand for rental units. The fastest-growing metropolis in North America is Toronto, with 77,435 new residents arriving between July 2017 and July 2018.
Are condoms good for long-term investments?
Undoubtedly condos can be a good investment. While buying a condo may still be the most expensive purchase you make, a condo is usually a few thousand dollars less than a single-family home.
Is it better to buy a condo in 2020?
This means that if you buy the investment property in the right place in 2020, you will find more people renting than buying units. As mentioned, condos are large, popular in urban settings. So investing in a condo will give you a better chance of finding a tenant.
Is Canadian real estate a good investment?
There are lots of underestimating the risk and costs of renting property. Moreover, real estate investing in Canada can bring higher levels of risk than stocks. This is because real estate is less liquid, and buying and selling is expensive and geographically centralized.