Inside Toronto Condo Market: Finding All New Condos Quickly
As per a Toronto housing market report for May, condo prices increased to $771K – a year-over-year increase of 13%. However, recently, a report stated that the region’s condo market is cooling off, which means new condos in Downtown Toronto are attainable now.
Though it was speculated that housing prices in Toronto would remain high and increase more for many months to come, the city’s real estate market shows signs of slowing down. And, experts believe that now is buyers’ time – especially those looking for new pre-construction condos in Toronto.
Toronto Condo Market – How It Changed Over Months
In February, the condo sector showed tremendous growth – both in sales and prices. That time, the average price for a condo unit was $947 per square foot. As per a Strata report, things have changed over the last few months. Currently, the average condo price in Toronto sits at &840 per square foot ( a drop of $107).
According to experts, the drop in price can be observed in all departments of the real estate industry, and it can be seen in Toronto’s neighboring cities too.
In May, home prices in Toronto decreased, but the trend wasn’t the same everywhere. For example, the median price in the Greater Toronto Area (GTA) slipped by 8.9%.
It has been speculated by experts that the decrease in condo price may be due to the rising interest rates.
In addition, it has been noted that condo owners who recently bought their units are willing to sell their condos at a lower price. However, it also means that potential buyers have more opportunities for new construction in Orillia and nearby areas.
How to Find and Buy New Condos in Toronto
As discussed, the current time is favorable for new buyers. The prices are falling. Also, there are many current owners who wish to sell their units at a lower than the expected price.
Now, the question is: How do you find new, pre-construction condos in Toronto?
First of all, you need to locate a reliable source that provides you with detailed information on all the available condos in a region of your choice. For example, if you are searching for available Ovlix condos, the source must have details on all the present condominiums that are available for sale.
After that, you must collect information on different condos to compare their features and prices. Once done, reach the seller and proceed with the details.
How Can Timely Investment Help?
We are your one-stop source online that provides you with the freshest list of condos in Toronto. Wherever you require a unit, we can assist you with available options. For example, we connect you to big names like Amelin Property Management to many others to help you find properties that suit you.
Also, we have experienced experts with industry-driven knowledge to help you make the right decision. Check out our list of new condos in Toronto and make an informed decision.
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