In fact, 60% of housing starts in the GTA over the past five years have been high-rise developments.
With so many units on the market, it’s no surprise that buyers are building equity in a space they can call home. Toronto’s rental market has exploded and prices are high enough to make frustrated renters consider purchasing their own units. As well, Toronto’s pool of available semi- and detached homes, especially in the downtown core, is dwindling. The shrinking number of homes means that prices have risen. It’s basic supply and demand.
Experts have predicted that prices will continue to rise for the rest of 2014. TD Bank suggests an increase of up to five or six percent. That is great news for the condo market, and experts at Scotiabank expect an upturn in condo sales as a result.
Of course, that’s not the only way in which the escalation in housing prices has benefited the condo market. As downsizers take advantage of a seller’s market, they are moving into luxury condos. This situation creates a mix of demographics in condo buildings, and a change in the condo culture as more experienced homeowners join boards and community groups.
Condo prices in Toronto have remained stable and have not seen the stratospheric growth apparent in other areas of the market. This makes condo purchasing attractive, especially for first-time buyers who want modern, luxury amenities and access to transit-friendly areas downtown.
If you or your friends or family are looking to buy or sell, we would be thrilled to help you. It’s what we do. And we have been told we do it very well. Call us! You can reach Rhonda at 416-441-2888 ext 334 or Perry at 416-543-9639.