Are you looking to buy a great pad for yourself in Toronto! You would be happy to read this piece! Toronto is fastest Condo selling state in Canada! It is also the 4th fastest growing city in the country!! With net immigration into the Greater Toronto Area (GTA) hitting a 15-year high and pent-up demand for housing, Toronto edged out Vancouver as the top market to watch this year.
As per the latest numbers released by the Toronto Real Estate Board the city is experiencing an encouraging 2.4% increase in the number of New Condo listings which stands at 8222 units for the first quarter of 2019 versus 8029 same period last year.
The resale condo listings also swelled about 10 per cent in the same period over last year, according to research firm Urbanation. Condos and lofts continue to provide prospective buyers with a relatively affordable housing option.The average price of a condo or loft increased by 4.5% from $533,520 in Q1 2018 to $557,377 in Q1 2019.
This region is also feeling the effects of demographic shifts. Established condos stand alongside newly built developments, and every day, plans for new high-rises are drawn.
As vertical living defines the future, huge benefits of living in a condo like freedom from property maintenance, outsourcing of manual household such as snow shoveling, lawn mowing, and the repair and maintenance of pools and outside structures is pushing the demand up in Toronto.
The value of easy access to recreational facilities, from offices and public transportation hubs through to restaurants, entertainment venues and other amenities are immeasurable to new Millennials who are competing with baby boomers for real estate.Facilities located in condo buildings like pools, gyms, and recreation rooms helping people upgrade their lifestyle without huge initial expenses. As per an estimate released by the Ontario Real Estate;over the next decade, almost 700,000 first-time buyers will target the GTA for real estate investment.
Its safe to say that for Toronto, the sky's the limit when it comes to real estate opportunities!