Amid the disruptive impact of COVID-19, Toronto’s condo market has got a hit. Due to this, the average condo rent dropped within a couple of months, and the listings flooded the real estate market. During the crisis, several inhabitants moved to suburb areas to seek single-family housing.
However, with passing time, the situation is getting gradually better, and the demand for condos is surging once again. After a sudden hard hit from the pandemic, the market is hinting at a reformation amid growth in demand. From 2021’s beginning, investors are showing keen interest in real estate from an investment perspective. After the pandemic outbreak, customers are grabbing the profit-making opportunity due to slashed prices & surged supply.
Toronto Condo Market Roaring Back
From January 2021, the Toronto condo market stats are growing over time, and the property sector is bouncing back hard. The housing supply in areas like Ontario and Greater Toronto Area is going through an all-time high phase. Amid this, investors are attracting back to condos as it’s becoming a go-to investment option for them.
As per The Toronto Regional Real Estate Board’s report, the January condo sales were up by 85% YoY as the prices are down by 8%. However, with the growing demand for condos in the area, the costs will soon surge and increase investors’ profits.
It’s the right time for real estate investment
Whether for relocation or for diversifying the monetary portfolio, now is the time to take action. Anyone who wonders to test the Toronto condo market will have ample opportunities at lower acquisition costs. This same profitable investment situation is not going to sustain for longer due to steady economy growth.
Many projects are getting multiple offers from seasoned investors as they understand the market economy better. As per the Re/Max Market Survey Forecast of late 2020, the average houses’ prices in Toronto will experience a growth of 6% in the upcoming time.
Healthier demand ahead in 2021
Anyone who is keeping a condo market watch will foresee a healthy demand in 2021 and beyond. In most of Canada’s biggest cities, investors will see the price graph going up amid recovering economic conditions. Talking specifically about the condo market in GTA, it will meet gradual & modest price hikes for larger units. These bigger real estate units located outside the city center are expected to offset the softer demands in the downtown.
Resale value is going to surge
The federal government has an aggressive immigration target of 1.2 million immigrants for three years. Due to this immigration policy, the rental demand and resale value will grow in the second half of 2021. As of now, students that flew back to their homes will soon be coming back, and it will boost the average condo rentals and asking prices.
The upcoming hike in the resale value will help regain buyers’ confidence in the GTA’s condo market. Once the vaccination becomes available to all, people will start rushing back to their workplaces from their hometowns. The existing condo inventory condition is healthier than the last year, and property experts are expecting a warm involvement from investors.
If you are interested in grabbing the investment opportunity and growing your capital, we are here to help. Get in touch with Conquer Condo experts to explore excellent options.