The coronavirus pandemic got Toronto’s condo market on its knees last year. Things were looking pretty grim back then. But, that seems like a distance feature, and everyone is interested only in the present and what the future brings. Fortunately, all data and predictions are optimistic that the condo market in Toronto will be back on its feet sooner than later.
Here’s some raw data so that you can get a better perspective of the current state of the condo market in Toronto.
- Across all residential properties, the average selling prices were $1,090,992.
- Compared to last year, there is an 80% spike in condos sold in the Toronto metropolitan area. That’s according to a report coming from the Toronto Regional Real Estate Board.
- Condo prices increased by about 20%, in comparison with last year, to $691,791.
The expansion of the CMHC First-Time Home Buyer Incentive is good news for first-time buyers and will likely provide a boost to condos in Toronto. On the other hand, the increase in mortgage rates has some people worried that it might have a negative impact on the condo market. However, some believe that the higher mortgage rates might shift home buyers toward affordable condos. But that is yet to be seen, and no one is certain about the overall impact of the increased mortgage rates.
What’s certain is that condos in specific neighborhoods will always be in demand. Those are popular neighborhoods favored by young professionals who want to be close to the city center and in the midst of things.
The main demographic in this neighborhood are singles and couples that work downtown. The neighborhood is serviced by numerous streetcar lines, whereas those who like to drive themselves can always use the Gardiner Expressway nearby. The selection is condos in Cityplace is admirable as it is the available amenities.
2. Liberty Village
Even last year, with the pandemic and all, the demand for Liberty Village condos was quite decent. The nearby waterfront trail, the many nearby amenities, the proximity of the entertainment district, and the streetcar lines that can take you anywhere in Toronto make Liberty Village one of the most desired living destinations.
The demand for condos in Distillery is also consistent as this is one of the hottest neighborhoods in Toronto. Urbanites are taken away by this reclaimed part of the city, occupied by chic coffee shops, boutiques, restaurants, art galleries, yoga studios, etc.
4. East York
One of the best things about condos in East York is that there are many affordable units available. Plus, the neighborhood’s location offers fast access to downtown Toronto and other parts of Toronto. The entertainment and the financial district are just a short drive from East York, about fifteen minutes or so. Public transport is well organized which only increases the overall appeal of it.