As the Canadian real estate market develops and grows, so does the demand for new condominiums for sale in Toronto, Ontario. Nearly 6,000 condo units were sold in a three-month period this year, despite a price increase of 2.8 percent. The steady increase in price has also affected the resale value of condo for sale in downtown Toronto. There has been a 12 percent increase in one year’s time, proving that now is the time to invest in the ever-growing Toronto real-estate market.
Why the Demand for Condominium for Sale in Toronto will Continue to Rise
Toronto is flourishing, financially and culturally. The niche neighborhoods that make up the city ensure every resident feels at home. They also offer convenient adventure, perfect for the every busy millennial. It is a great place for businessmen and women, families, and young people alike. The versatility and vitality of the city has attracted Canadians and foreigners alike, greatly impacting the housing market. As people begin to move in to the city, the demand for condo for sale in downtown Toronto will only continue to grow.
- The rise in price is due to demand, not supply.
As the demand rises, developers have worked to build condominium for sale in Toronto. Despite efforts to keep up, supply has fallen short of the number of buyers in the market. The inventory of unsold condos is rapidly decreasing, especially as the majority of first-time homebuyers are continually priced out of the house market. Experts project that the demand will continue to rise.
- Foreign demand continues to affect the Toronto housing market.
The economic relationship between supply and demand is the foundation understanding the market opportunity. Increase in demand? The market increases the supply to meet the need and prices should level out. But the Toronto market seems to be an anomaly, however. As the supply rises, demand only grows. This is largely due to foreigners moving in to the city. This outside demand will only continue to result in an increase of prices, making now the best time to invest.
Toronto isn’t the only hot real-estate market in Canada as markets in Vancouver and Montreal led gains in home sales last year as well. Prices for condo for sale in downtown Toronto will likely continue to rise, which is why you should take action and buy now. The Davies is a new luxury condo in downtown Toronto that puts you in the center of the city with no sign of slowing down. Call us at 416 873-0862 for more information and to schedule a showing of our available new luxury condominium for sale in Toronto.