Toronto Condo Market Predictions 2021
A recap of 2020
With a global pandemic and a provincial lockdown in Ontario, 2020 has definitely made a heavy impact on all Canadians across the nation. Although the pandemic caused the real estate market to experience a few bumps along the road in 2020, as the pandemic eased, Greater Toronto’s Real Estate market performed surprisingly well.
Toronto Condo Market Forecast 2021
Where Toronto’s condo market is headed for 2021
Toronto being Ontario’s biggest city and having a rapidly growing real estate market was hit by the pandemic, as offices in Downtown Toronto and institutions slowly emptied due to stay-home orders and the immediate shift to working and learning remotely. With the COVID-19 vaccine rolling out, I am optimistic for an active market in 2021, as there are chances of things slowly returning to normal with possibilities of office buildings and college/university campuses slowly reopening. Furthermore, once the Canadian border reopens, activity in the Toronto Condo market may increase due to the predicted growth in first-time buyers, investors, and citizens seeking rentals. With the roll out of the vaccine, I hope that this would ease Canadians into performing normal market activities and slowly returning Toronto’s real estate market back to normal.
Mortgage Rules for 2021
As we step into 2021, there are fewer chances of any new mortgage regulations being introduced. As the government remains focused on the pandemic, the trends in mortgage remain quite similar to 2020. However, the Toronto condo market in 2021 will be especially competitive for first-time home buyers because of the low mortgage rates, and all of the other reasons mentioned above
Need Help Navigating the Toronto Condo Market in 2021? I’m your guy!
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The information on this blog is based on my experience. Readers/Users are strongly recommended to obtain independent real estate, mortgage, legal, tax or accounting advice. The information displayed is for reference only and without any representations and warranties. Not intended to solicit buyers or sellers currently under contract with another brokerage