Condo Market About to Explode
If you have been reading this blog and following the Toronto condo market for any length of time you know that sales are up, prices are up and generally everyone is feeling and acting very bullish on the market right now. Traditionally, this time of year is when the market starts to slow down and go into hibernation for the winter. I don’t see that happening anytime soon. If anything, the market is actually gaining momentum going into the winter months.
Some quick thoughts on the resale market:
- Inventory levels are still dramatically lower than any other time in the last several years
- Sales are up dramatically over this time last year, but remember that this time last year was when the market began to tank. Still, sales are at all time highs
- Buyers are falling into the trap of over-paying for condos because there is nothing else to choose from on the market when they are buying. Be patient! Keep your head on straight in multiple offer scenarios.
- New pricing precedents are being set in buildings all over downtown as a result of this inventory shortage and buyer behaviour.
Some quick thoughts on the new condo market:
- Over the next 6 months I expect to see at least half a dozen major new condo launches – X2, River City (West Don Lands Phase 1), DNA3, Number One Bloor, ICE 2 (already underway), U Condos Tower 2 (already underway), and more!
- Line ups and camping out for weeks will once again become commonplace as buyers rush in to invest in this next wave of development in Toronto
- Buyers need to keep their heads on and compare existing projects’ remaining inventory with these ‘new’, ‘flavour-of-the-month’ condo projects. Just because it’s new, doesn’t make it better than the building next door that is 90% sold out. BUY VALUE!
Some of you might write this off as more drivel from a real estate agent / blogger-hack who is just doing his part to artificially inflate the market, but my loyal readers know that I tell it like it is. Questions? Thoughts? Leave a comment or contact me direct.
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