Toronto is one of the giant real estate areas that has seen its fair share of growth in the condo market! Sales have been steadily rising since 2016 when buying a house in the Toronto area due to tighter mortgage qualifications rules and now also the higher interest rates.
As a result of this demand for condos has been very high in the 406 and 905 municipalities. According to the Building and the Land Development Association together with the Toronto Real Estate Board, the average price of new construction condos saw a huge growth of 12% in the previous years and is currently standing at $768,602. For those seeking to sell their existing condos, the average price currently sits at $595,678 which was really a 7.5% increase from the previous year. The 2019 season is expected to regulate the condo market with prices starting to fall later in the year. Early 2019 is predicted to see a rise by 5 % then is expected to fall afterward.
There are, however, different opinions available from other analysts that are still optimistic about the rise of the condo market for a more balanced in 2019. Some believe that the market will rise even further from 5% up to 8%, which will be a positive scenario for both buyers and sellers. Right now, condos that are currently priced at the $800,000 price point are still trending in the market just like condos that can be considered to be character buildings.
High prices in the city of Toronto are pushing consumers more and more towards the outskirts such as the Etobicoke and Scarborough areas to search for condos. There is a large discrepancy between the prices of condos that are closer to the downtown area when compared to condos that are further from the center of town. If you are currently looking for a condo and want to get one that will give you the best value for your money in 2019, please head over to our website at condoroyalty.com today to see a full list of condo developments in the GTA.
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