Toronto Condo Market in 2020
Toronto Condo Market Forecast 2020
Here’s What You Can Expect for the Toronto Condo Market in 2020
Well, here we are. Another year has come and gone. I’ve been happy to help all of you find your dream condos in the Greater Toronto Area and share my knowledge through these blogs with you. With the coming of the New Year, many investors and buyers are wondering what the Toronto condo market will look like. Luckily for you, I have some answers. Keep reading to discover what the Toronto condo market in 2020 has in store for you!
How did the Toronto Condo Market do in 2019?
Things in the Toronto condo market – and the GTA’s entire real estate market, for that matter – have really began to shift. 2018 saw both the cost and sales of real estate go down, and at one point, the Canadian Mortgage and Housing Corporation (CMHC) even predicted that 2019 would be the poorest year in regards to sales for the decade. While the experts at CMHC are usually correct, in this case, I am glad that they were wrong. Although it was certainly not the strongest it has been, the Toronto condo market in 2019 did (unexpectedly) demonstrate increased sale rates and prices by the end of the year. The CMHC has stated that they expect 2020 and the next couple of years to show continuous recovery and stability in sales and the construction of new residential real estate (including condos). This is great news, but there is more to come!
What Current Trends will Continue in the Toronto Condo Market in 2020?
Condos play an important role in the real estate market, especially in Toronto where they are both common and coveted. There is a large demand for condos in Toronto due to their affordability and general closeness to the downtown and financial core. This trend has been years in the marking and will continue because of the incredible, ever-expanding job market in the city. Large-scale condo construction will continue to take place across the GTA as demand continues and units will continue to sell fast; even faster than single-dwelling, detached homes
Additionally, current mortgage rates are expected to remain approximately the same, which is good news for all homeowners. Of course, stable mortgage rate throughout the year is also beneficial to those looking to buy a new condo and will allow the Toronto condo market in 2020 to become even more competitive.
What Changes are Expected for the Toronto Condo Market in 2020?
With a higher demand for condos, owners that choose to rent out their units will be able to bring in more money and attention from potential tenants. This is every condo investor’s dream! If you are planning on buying a condo this year, however, I recommend starting your search as soon as possible; condos in the city are expected to go up in price at a higher rate than what is usual in a year.
The Toronto condo market in 2020 will be especially competitive for first-time home buyers because of high demand for condos, stable mortgage rates, and all of the other reasons mentioned above. In addition, the federal government’s “First-Time Home Buyer Incentive” may soon undergo changes that would make it easier for those looking for a condo in Toronto to actually buy one. While this is certainly good news, this would also increase demand on the Toronto condo market in 2020, which is already expected to rise from the previous year.
Need Help Navigating the Toronto Condo Market in 2020? I’m your guy!
With my many years of experience in condo real estate and the strong knowledge I possess when it comes to the Toronto market, I am positive that I could help answer any questions and find the condo that is right for you! You can call me at 647-519-5751 or reach me by e-mail at arshadhussain29@gmail.com. I look forward to talking with you!
