…But You Can Still Strike a Deal on a Condo for Sale in Downtown Toronto
Many prospective buyers are becoming discouraged as prices for homes and condos for sale in downtown Toronto continue to rise out of reach. Despite relatively stable salaries, the cost of property has steadily increased, leaving many first-time buyers wondering if they will ever have a home to call their own. The costs can seem daunting and leave people who are looking to take the next step towards home ownership feeling hopeless.
The Toronto Housing Market: How to Afford Property in Downtown Toronto
Current prices are undoubtedly above average in our city. The average price of a detached house in Toronto was $848,999 at the beginning of the year. Condos are selling, on average, for more than $400,000. Those are big numbers for a city with a median income of around $72,830 and a job market that has been lagging behind in relation to property prices.
Property price increases are normal. As inflation rises and the world enters an ever-more global marketplace, competition is fierce and prime real estate remains limited around the world. In Toronto in particular, new condos for sale seem to be rising on every corner. So why are prices so high? Demand still far exceeds supply. In a city of more than 2.5 million, space is scarce and options can be limited.
If a detached home is part of your 5-year plan or has always been a dream, keep saving. It may be time to consider other property options like a luxury condo or a location further from the city. Consider what you are willing to give and take to make your dreams a reality. Keep in mind that housing solutions other than a detached house can be a great investment and wonderful living situation for independent professionals and growing families.
While it can seem like waiting for change or hoping for a particular outcome in the future is the best approach to take, the waiting game can actually end up costing you more in the long run, in terms of time and money. The more you wait, the more difficult the process and reality of homeownership can become. Experts do not define the current housing market as a ‘bubble’, so waiting for it to ‘burst’ to find a more affordable property is unlikely to work. Instead, look for a place you can afford now that combines location, convenience, and appearances. Consider new condos for sale downtown that provide easy access to local culture, resources, and community.
If you are considering purchasing a property in downtown Toronto, explore the condos for sale at The Davies. Our luxury condo development offers extensive amenities and is situated in a lush green space. Overlooking the park, it provides an escape to nature without the seasonal maintenance of lawn care. Our building is located within walking distance of local schools, vibrant nightlife, and Yorkville’s fantastic shopping area, making it the perfect place to base yourself in the city.
Call The Davies at 647-360-9588 to set up a showing appointment or register now for more information. View our new condos for sale in downtown Toronto and contact our team to find out how we can make property ownership a reality within your reach.