The “calm before the storm.” It seems like an ominous phrase, and it has been used as such in popular movies and the news, but ominous is not always a negative. The calm before the storm can simply refer to lost opportunity, which is neither positive nor negative in and of itself. This simple phrase can be positively applied to Toronto’s upcoming condo market, with good reason.

Toronto’s condo market is improving. Now is the calm before the storm. Soon, demand for new condos will increase, along with condo prices. This will apply to both new condos and condos still in their project and development phases.

Prospective condo owners need to determine now whether they want to purchase a condo, and whether they want to purchase one that has not been fully developed yet to lower the prospective purchase price.

New Condo Development Projects Will Increase in Price

Condos are increasing in price. However, condos are still a great investment, even with this price increase. People will continue to purchase condos because they are purchasing a lifestyle when they purchase a condo. That lifestyle, centered around Toronto and the downtown core, is really only achievable if you live within distance of the core. It is so much easier to access this lifestyle when you live a few miles away at most, and can walk to your destination, rather than having to commute by car from outside the core every day.

The price increase reflects both inflation and the desire of prospective buyers to own condos of their own. Buyers increase the price of condos in two ways. Firstly, condos that are either at or below the market rate are more likely to be sold, driving up the average price of a condo. Secondly, the average price a condo can sell for helps sellers determine their rates. So, buyers both purchase all the affordable condos, and signal to sellers that they can increase prices.

New Condo Developments are Increasing in Popularity

Prices on Toronto real estate are increasing. However, demand for condos are increasing as well. When it comes to condos, location is everything. This is why buyers pay more, relatively speaking, for condos than they do houses when you factor in space, and why condos show no indication of decreasing in popularity.

There is no way to access this downtown Toronto lifestyle other than to purchase a condo. Most new condo developments are located in the downtown core. The closest alternative, apartments, are located in neighborhoods adjacent to, or overlooking the core.

Either way, if you live in an apartment, you will have to commute by walking, or by taking public transportation. Also, condominium owners purchase condo units because of the additional services and amenities that normally come with them; things such as overnight security and work out facilities etc.

Condo living is a lifestyle. For those that want this lifestyle, no other housing option will do. As such, condos continue to be built and sold every day. There is no indication that condos will decrease in popularity in the near future, even with rising prices.

Buyers have shown they are willing to pay higher prices for condos. If you are interested in purchasing a condo, you need to do so as soon as possible while they are still relatively affordable.

Stay Ahead of the Market | Subscribe to TOmycity’s Newsletter

For the most recent news on new condo developments and projects in Toronto and the GTA, sign up for the TOmycity newsletter. Condos are a great investment, even when considering the rising prices and purchase rates of condos within the city core. Now is the time to buy that dream condo you have been eyeing!

The “calm before the storm.” It seems like an ominous phrase, and it has been used as such in popular movies and the news, but ominous is not always a negative. The calm before the storm can simply refer to lost opportunity, which is neither positive nor negative in and of itself. This simple phrase can be positively applied to Toronto’s upcoming condo market, with good reason.

Toronto’s condo market is improving. Now is the calm before the storm. Soon, demand for new condos will increase, along with condo prices. This will apply to both new condos and condos still in their project and development phases.

Prospective condo owners need to determine now whether they want to purchase a condo, and whether they want to purchase one that has not been fully developed yet to lower the prospective purchase price.

New Condo Development Projects Will Increase in Price

Condos are increasing in price. However, condos are still a great investment, even with this price increase. People will continue to purchase condos because they are purchasing a lifestyle when they purchase a condo. That lifestyle, centered around Toronto and the downtown core, is really only achievable if you live within distance of the core. It is so much easier to access this lifestyle when you live a few miles away at most, and can walk to your destination, rather than having to commute by car from outside the core every day.

The price increase reflects both inflation and the desire of prospective buyers to own condos of their own. Buyers increase the price of condos in two ways. Firstly, condos that are either at or below the market rate are more likely to be sold, driving up the average price of a condo. Secondly, the average price a condo can sell for helps sellers determine their rates. So, buyers both purchase all the affordable condos, and signal to sellers that they can increase prices.

New Condo Developments are Increasing in Popularity

Prices on Toronto real estate are increasing. However, demand for condos are increasing as well. When it comes to condos, location is everything. This is why buyers pay more, relatively speaking, for condos than they do houses when you factor in space, and why condos show no indication of decreasing in popularity.

There is no way to access this downtown Toronto lifestyle other than to purchase a condo. Most new condo developments are located in the downtown core. The closest alternative, apartments, are located in neighborhoods adjacent to, or overlooking the core.

Either way, if you live in an apartment, you will have to commute by walking, or by taking public transportation. Also, condominium owners purchase condo units because of the additional services and amenities that normally come with them; things such as overnight security and work out facilities etc.

Condo living is a lifestyle. For those that want this lifestyle, no other housing option will do. As such, condos continue to be built and sold every day. There is no indication that condos will decrease in popularity in the near future, even with rising prices.

Buyers have shown they are willing to pay higher prices for condos. If you are interested in purchasing a condo, you need to do so as soon as possible while they are still relatively affordable.

Stay Ahead of the Market | Subscribe to TOmycity’s Newsletter

For the most recent news on new condo developments and projects in Toronto and the GTA, sign up for the TOmycity newsletter. Condos are a great investment, even when considering the rising prices and purchase rates of condos within the city core. Now is the time to buy that dream condo you have been eyeing!