Young professionals who are ready to take steps toward buying their first homes and own property are feeling discouraged by Toronto’s current real estate market. Climbing prices and rising valuations have made even small living spaces on the peripheries of the city difficult to afford. For those looking to escape the life of a renter, what are the options? How and why are prices for Toronto homes and condos downtown out of reach?
There is not a single answer that neatly explains the boom the market is experiencing. A number of factors have coincided to make it a record-setting time in Toronto real estate. Supply and demand are causing a huge rush and rise as bidding wars break out over properties that, several years ago, would have barely garnered an offer. Foreign and domestic buyer demand is fueling the rise, according to recent studies, which have unveiled that a lack of supply is not to blame.
Speculative demand and a steady increase in buyer interest has led to a housing market that is now imbalanced, and the prices are showing that. What would have otherwise been an adequate supply of new housing and properties, including new condos for sale in downtown Toronto, for local populations, is no longer adequate for the burgeoning market.
Brand new condominium developments have been popping up in neighbourhoods across the city. While they once represented an affordable option for first-time buyers and would-be homeowners, these properties are now facing the same rise in prices as new developments sell out and units become limited across the city. Many young professionals and newcomers are being forced to look for homes beyond Toronto, commuting longer distances and moving to less desirable areas on the outskirts or in the suburbs, just to afford a home.
It can be frightening for those with smaller budgets who have their hearts set on the lifestyle and convenience of living downtown. Those who lack the deep pockets necessary to enter the market may find it difficult to discover a property that fits their standards and is within the city’s borders.
While it can seem bleak, there are still some options available that can make the dream of property ownership a reality. Those interested in luxury condominiums can find a reasonably priced unit in new condo buildings like The Davies. Great finishes, amenities, and accessibility to public transit, entertainment districts, and green space make the condominium complex a great option that combines reasonable pricing in today’s market with the ideal location and luxury lifestyle that many young professionals have come to expect in the city.
Condos for Sale in Downtown Toronto - Suitable for First-Time Buyers
If you are a first-time buyer who is looking for your home in the Toronto real estate market, consider the luxury condos for sale at The Davies. Located a short distance from the trendy Yorkville neighbourhood and the lush Robertson Davies Park, the units boast functional floorplans and great views. TTC access and a short walk to some of the best nightlife, food, and shopping in the city makes these new downtown condos a perfect place to call home, with a price point that many young professionals can afford.
Find out more about how first-time home buyers can get a Toronto condo at The Davies. Call 647-360-9588 to book an appointment or register online for more information. Explore our new luxury condos in downtown Toronto and consult our team to determine your options.