Hidden Gems in a Buyer’s Market

Buyers, investors, renters…it’s past time to get moving. When it comes to houses in the GTA and beyond all talk is about a seller’s market - with double-digit multiple offers, bully offers, and no conditions being the norm in many areas.

But in Toronto’s condo market, it’s the opposite. According to TRREB, the number of condos for sale at the end of 2020 was up by double (sometimes triple) digits from the year before. And prices were down.

With immigration at a standstill, much of this excess supply is due to investors selling off their condo investments. Others are taking the opportunity to upgrade to larger units, while some are leaving the city for the suburbs.

All of this makes it an ideal situation for anyone looking to get into the market now - with more choice and more bargaining power. And with a return to seeing financing conditions as part of offers, buyers are back in the driver’s seat when it comes to condos.

If you’ve been on the fence about buying or thinking of buying your first condo, now is the time to jump. This market won’t last. Once vaccines start to roll out to the broader population and borders open up, demand will begin to outstrip supply and we’ll see prices going back up. And with mortgage rates still low it’s a great time to start building some real estate equity.

With this excess supply, there are many gems to be found in once hard-to-get into areas. The downtown core in particular - one of the most competitive areas for condos - has seen the most increase in listings.

And the luxury market offers some great opportunities now as well. If you’re looking to downsize from your home in Toronto - consider a luxury condo. When a big home is simply too much to manage, condos are a great investment with less maintenance. And you don’t have to compromise on luxury or space - from new developments to older condos - you have more choice than ever.

Whether you are looking for your first condo or looking to upgrade your current condo, get in touch with me today. Now, more than ever, it’s time to love, live, life in the city!