What is super-trendy, often underestimated, but always a great way to make a splash in a city full of excitement and wonder? The answer to today’s riddle might be a little obvious. We are talking about Toronto condos, of course!
Whether you’re a first-time home buyer, an investor, or a retiree who wants to live in the heart of the action, a condo can be the start of something great. Best of all, the current market offers unprecedented opportunities for buyers who are ready for a change. Let’s explore what has been happening in more detail and how you can make the most of it.
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A Shift in the Long-Term Trends
The real estate market can be tough to predict, especially in a fast-evolving market like Toronto. Condos here have historically been in high demand and short supply, partly due to their relative affordability in contrast to other residential structures, in addition to the convenience and community feel condos offer. As a result, numerous high-rise buildings began development in an attempt to meet the need.
Then, the unexpected happened, and conditions started showing signs of a turnaround.
It began in earnest during the pandemic, when many condo-dwellers sought to upgrade to detached or semi-detached homes that offered more space. At first, no one batted an eye too much. These were unprecedented times, after all.
Once all the dust settled, nearly everyone predicted that the condo market would soon be back to business as usual. So far, years later, this still has not happened. What does all of this mean when shopping for a condo? A number of factors are all coming together to put you at a huge advantage, several of them, in fact.
Are you ready to explore the Toronto market and purchase a condo of your own? The posts below will open up the possibilities:
- Why Now Is the Time for Toronto Buyers
- What Is Fractional Ownership in Toronto?
- Purchasing Your First Condo: 5 Things To Know
Supply Is High
A housing market in great supply in Toronto is not a headline we see every day. Anyone searching for a detached home or a semi might find themselves up against some competition. It’s a different story for those who have their sights set on a townhouse or apartment-style condo.
This segment has remained in a buyer’s market for several years, with no signs of slowing down. Units of all types, resale, pre-construction, and newly-constructed, are available in greater abundance than we have seen for some time. As a buyer, this increase in supply comes with a host of automatic benefits.
Most notably, you can take your time and weigh all of your options to ensure you are really choosing the lifestyle choice that works for you. It’s a far cry from the time when, if you saw a condo for sale, you had to rush to place an offer or lose the opportunity to someone else.
Competition Is Low
An abundance of choice isn’t your only advantage, thanks to this emerging Toronto trend. Home buyers all over Canada have been hesitant due to interest rates and the uncertain state of the economy. It’s true in nearly every major city, but especially in Toronto where real estate values are higher than elsewhere.
As a result, the market overall is less competitive. When on the hunt for a condo, the competition is practically non-existent. This typically means very few if any multiple offer scenarios or bidding wars when you find a unit you love. It also means you don’t have to take unnecessary risks by submitting unconditional offers just to have a chance of a seller accepting.
More Negotiation Power
An increase in negotiating power is the natural result of high inventory and low competition. Add in the fact that many sellers are eager to move on, and you can hardly ask for a better time to begin the search for your new Toronto condo. The potential for a lower price is only the beginning. Even more importantly, you’re in a position to include conditions that protect your interests. These could include:
- A condition of financing: Even with a pre-approval, it can be reassuring to know that you won’t be on the hook if an assessment or sudden change in your circumstances alters your final amount.
- A condition of home inspection: Buying a condo is a major financial investment, and an inspection before your transaction finalizes gives you peace of mind that the unit is in optimal condition.
- A condition of review of the status certificate: Unique to condo purchases, a status certificate provides essential information on the financial status of the building. It gives you an overview of its reserve funds and whether the cost of substantial repairs could be passed down to you in the form of special assessments.
In today’s market, your real estate agent can sometimes negotiate even with the builder themselves, an advantage that was once unheard of in the City of Toronto.
What Toronto neighbourhood is right for you and your lifestyle? The posts below can help you spot your ideal location:
- Toronto Versus Everywhere Else: Why We Love It Most
- West End Vs East End: Which One Wins in Toronto?
- Top Dog-Friendly Neighbourhoods in the West End
A Lifestyle Beyond Compare
If everything checks out and you secure the condo of your choice, you can look forward to an unparalleled lifestyle full of convenience and excitement. Every Toronto neighbourhood has something to offer!
Picture the established buildings in the east or west end, where you’re surrounded by parks and green spaces, yet some of the best shopping and dining districts in the city are close by. Alternatively, Toronto boasts numerous townhouses throughout the city that are perfect if you want the spaciousness of a detached home with the convenience of a condo.
Do you have something more lively in mind? Think of the lively high rises of the downtown core, where the building itself is a community, often featuring a party room, an indoor fitness centre, or even a guest suite allowing you to host overnight visitors in style.
Inside, you enjoy privacy, comfort, and a spectacular view of the city. Outside, the excitement of Toronto’s unparalleled entertainment scene is right outside your door. Whatever lifestyle you envision, there is a Toronto condo to suit your needs, and the opportunity to make this dream a reality has never been greater.
Do you want customized guidance so you get the best results when buying your Toronto condo? Reach out to us at erica@ericareddy.com or call 416.443.0300, and we are happy to answer any questions you may have.
Meet The Erica Reddy Team
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