First-Time Buyers & Investors Driving Condo Sales

In a real estate market as competitive as Toronto's, first-time buyers can feel limited. Freeholds within their price range either need a lot of work or are outside of their desired neighbourhoods. Condos are becoming a popular option. And with the supply of new developments slowing down, we are starting to see more bidding wars in the condo market. Units in trendy neighbourhoods are selling very well.

I've heard concerns about the condo market in Toronto with so much supply. The thing to keep in mind is that Toronto is a growing city and people are getting sick of long commutes, so there is a large demand as well. Not to mention the very large rental demand from young professionals, etc., if you are buying strictly as an investment.

Buying a condo allows you to get into the housing market sooner than waiting to save up for a freehold home. The sooner you can get into the market, the more opportunity you have for your investment to grow. You can use the equity to upgrade to a larger property a few years down the road. There is comfort in investing in a popular area of a growing city.

For ex., average condo prices per square foot for the first half of this year in comparison to 2014:

King West

2015 $602 per sq. ft.

2014 $569 per sq. ft.

5.8% Increase

Liberty Village

2015 $545 per sq. ft.

2014 $523 per sq. ft.

4.2% Increase

High Park/Swansea

2015 $452 per sq. ft.

2014 395 per sq. ft.

14.4% Increase

Mimico

$430 per sq. ft.

$412 per sq. ft.

4.4% Increase

Feel free to contact me anytime with questions about the condo market. I have strong experience with Toronto condos, and am backed by 35 years of success selling Toronto.