Condos Are Back

To be honest, they never really left. When it comes to Toronto, the one thing that is consistent is the condo market. While the pandemic put a dent in sales with many people scrambling for more open spaces, the reality is that condo values have appreciated significantly over this time. In fact, prices have grown 44% since the housing peak of 2017.

This growth trend is now expected to continue as pandemic restrictions ease. And with more and more people being vaccinated, the appeal of city life is now back on buyer’s minds.

From a buyer’s perspective, this means there is very low risk to investing in a condo in the downtown core. The important thing to remember is to find the condo that is right for you. One that has the features and amenities you need, is in the right location and, most importantly, is the right price.

These factors should always be the case, no matter what the market is doing. But the bottom line is, it’s hard to go wrong buying a condo in a world-class city like Toronto. To give you some perspective, if you had purchased a condo in 2017 for $500,000, you would have gained $220,000 in equity today!

And there’s good news for investors too as the rental market heats back up. Easing restrictions means that foreign students are coming back to the city and immigration is expected to see significant growth. In addition, offices are starting to bring workers back in. While many still have some form of work-from-home arrangement, the prospect of long commutes for those that left for greener spaces is also fueling demand for rental units.

If you’ve been on the fence about moving back to the city and buying or leasing a condo, give me a call. I’ve stayed on top of the market and can help you work through your needs and options to find the right property for you.

It’s time to get back to living and loving life in the city! Get in touch with me today.