If you have been considering buying a new condo in downtown Toronto, now is the perfect time to commit to your plan and find the right property for your needs. There is a lot of conflicting noise and perspectives on the current market, but new reports are anticipating continued growth and development of the real estate market. That is promising for first-time buyers who are looking to make a strong and stable investment while finding their first home.
Detached homes are difficult to find in the city, and if you want new finishes, reliable plumbing, and any sort of greenspace, they can be nearly impossible to afford. Thankfully, new condo developments are available and are making the dream of home ownership a possibly for many citizens. You should act fast, though, if you want to own property.
How the Housing and Condo Gap Will Close – and What That Means When You Buy a New Condo in Toronto
- The Current Gap – Last year, the price gap between houses and condos in Toronto rose to as high as 50 percent. While many buyers are priced out of home ownership, it is a market for condo buyers to take advantage of and invest in before these costs also rise.
- Why? - This gap is largely due to supply and demand. A big contributing factor has been new condo developments but a lack of new housing developments. Limited space and a movement towards more streamlined and sustainable living has made condos a good planning practice but it has also made detached homes a rarity. As a result, the gap has widened between the price of homes and condos.
- What about the Future? – The huge cost differential between houses and condos is expected to shrink as many construction projects end and deals close. Developers are likely going to set their sights back on housing projects, which will increase supply and reduce prices. Condo prices stand to rise as supply decreases, helping property values to meet somewhere in the middle.
Find your perfect new condo in downtown Toronto by looking at cost, location, and features. Condos offer many advantages over homes, including a sense of community, convenient maintenance, and investment flexibility. Rental options, increasing prices, and more can be appreciated by condo owners in the city.
If you are interested in owning a new condo in Toronto that has the privacy of a home and access to plenty of green outdoor space, take a look at The Davies. Our team can answer any questions you have and provide more information about our affordable luxury residences. Located within walking distance of the trendy Yorkville area, you can take advantage of Toronto’s culinary delights and fantastic shopping. With views overlooking Robertson Davies Park, you can also enjoy the advantages of accessible green space. Whether you are a young professional starting your career or a growing family looking ahead, The Davies is the perfect place to establish your roots and call home. Enjoy living in the heart of the city and watch your investment grow.
Call 647-360-9588 today to find out more about our luxury condos for sale downtown. Register online for more information about The Davies or take a look at our floor plan options for new condos in Toronto.