Toronto Condo Market Update for 2022: What to Expect in the Rebounding Market
Hey, prospective condo buyers!
Here’s not-so-good news – Condos in GTA are going to be costlier in 2022. They are predicted to outpace detached homes in the region. If you are thinking of investing in pre construction condos in GTA, we have the latest updates and stats to look out for in 2022.
After a long pandemic season, Toronto’s real estate market is not just reviving but skyrocketing, especially the condo section. In its home price forecast for 2022, Royal LePage has predicted that the next few months have very pricey offers for prospective condo investors in the GTA.
Condos – During and Post Pandemic
When the COVID-19 impacted the real estate world, Toronto’s condo market took the hardest hit. Decreasing prices, leaving tenants, and soaring listings, several problems put a big question mark on the future of the region’s condominium projects.
However, the condo market is reviving today. In fact, it is not just reviving but outstripping the other investment options on the real estate market, especially detached homes in the GTA.
Royal LePage’s forecast for 2022 suggests that the median price for a condominium in Toronto may reach $763,800 in the last quarter of the year, which is an increase of 12%.
For a detached home in Toronto, Royal LePage predicts a rise of 10%, which takes the median price to $1,564,200.
If the predictions are true, then price gains in condos in Toronto will outpace detached homes in the region. Also, it proves that the GTA is the only region in Canada whose pre construction condos investment price will beat detached homes.
In a statement, Royal LePage’s chief operating officer Karen Yolevski said that people showed more interest in pre construction condos in Brampton and various other cities in the GTA area in the last few months. And, this trend is expected to continue in 2022, Yolevski added.
RE/MAX Predicted Similar Trends
Royal LePage isn’t the first to predict the skyrocketing prices of pre construction condos investment in the GTA. Earlier, RE/MAX had also predicted that the region’s home prices will increase by at least 9.2% in 2022. The RE/MAX report states that there will be price growth in smaller regions like rural Ontario and Atlantic Canada.
However, Royal LePage’s predictions are scarier for those who are planning to invest in condos in GTA this year. When it comes to the national aggregate home price across the nation, Royal LePage suggests that the rise will be at least 10.5% by the end of 2022, which means it will reach $859,700.
According to Royal LePage CEO Phil Soper, the rise is because of the lack in the nation’s housing supply, which can be resolved in the blink of an eye. “Some investors have a hunch that housing in Canada is overvalued today, but the latest trends prove that the demand will increase and outpace inventory in the future”, said Soper.
If you are thinking of pre construction condos investment in the GTA but the latest skyrocketing prices are scaring you, come to timelyinvestment.ca for the latest updates.
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