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Condo Market Forecast 2017

 

GTA Home buyers have been shifting from detached homes and low rise dwellings in particular for a number of years. This has been an ongoing trend due to the price escalation in the real estate market and it doesn't seem as though prices are going to stop rising in the near future. Condos are the best way to get into the real estate market in Toronto and the GTA and to start building up equity in a property.

 

In 2016 there were 27,217 condo units sold in the GTA. This represented a rise of 34% and it was a record-breaking year. In 2017, the sales may not be as high only due to a lack of inventory. It's expected that more condo projects will be launched this year in response to current market conditions and the demand for more condos.

 

With condos being so much more affordable than detached homes, a shift has taken place into 2-bedroom units. While one-bedroom condos were popular approximately 5 years ago, more and more families and couples are searching for these 2 bedroom condos. It's expected that the demand for these larger 2 - 3 bedroom condos will continue this year.

 

The CMHC has issued a statement recently saying that the condo market in Toronto is not overbuilt and we can safely assume that a condo bubble in Toronto is highly unlikely. While you may hear forecasters reporting that there is a developing real estate bubble in the Toronto area, it does not necessarily mean that condos would be affected if this did occur. Condos are a hot commodity and are expected to remain that way for a number of years going forward.

 

In terms of cost, it's not expected that we will see any major spikes in price this year for condos across the Greater Toronto Area. In the Toronto downtown core, however, price increases are expected both this year and next.

 

Now is a great time to buy a condo and get your foot in the door of the Toronto real estate market before prices go any higher. Building up equity in a home is one of the best ways to acquire a valuable nest egg for your retirement. To search for condos and to sort through them according to specific categories, please continue searching www.condoroyalty.com. Here you can find the condo of your dreams while making an important investment for the future.

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