Four months into the craziest Toronto condo market we’ve ever seen and most Realtors and buyers have realized that the buying tactics that worked a few years ago, fall short in this market.
As a buyer, if your search parameters match the thousands of first time buyers that are dominating the market right now – which is pretty much all stylish Toronto condos for sale under $500k with low fees, in any decent ‘hood within 20 mins of downtown – you could be in for a rough ride without a Condo Pro on your side.
When buying a condo, it’s critical you keep in mind that you’re not just buying a unit, you’re buying into an entire building. That’s why knowing the financial state of the condo corporation and the physical state of the building is so critical.
We almost always recommend that you include the condition of “conditional upon review of status certificate” in your offer. Condo buyers should request a condo status certificate and have their lawyer review it before firming up an offer on a condo for sale in Toronto.
TREB recently posted March’s sales results. It was another record-breaking month year-over-year in terms of sales and prices, although we didn’t see a continuation of the staggering price surges we saw in February.
As we talked about last month, February 2016 saw the highest year-over-year growth in Toronto condo prices that we can recall and indicated just how strong the early start to the spring market has been here in the 416/647.
We said last month that this level of year-over-year price growth (+17.8% in February) wasn’t sustainable for condos – that we’d start to see a moderation in the rate of price growth – but that we’d almost certainly see another record-breaking year for condo prices when all is said and done. At the end of quarter 1, we’re on track for that.
Thanks the condo gods, the Provincial government is finally stepping in to help clean up shady builder behavior.
We talked in last week’s 2016 Federal Budget review about how the Fed’s are using their agency’s like StatsCan and Canada Revenue to enact more control over Canadian real estate. This includes tracking foreign buyer data and cracking down on developer’s who dodge taxes. Now, Tarion (an agency of the Government of Ontario) has taken the first step in cracking down on the most notorious developer in the Toronto condo market – Urbancorp.
Last week’s reveal of the Liberal’s new budget left Canadians split – some cheering over funding for various social reforms and others disgruntled as a few of Trudeau’s key campaign promises failed to make the approved budget plan. And there were mixed opinions on whether or not the move to support the middle class was truly the focus.
The party line has been “growing the middle class” but where home costs are concerned, focus has been largely on helping low-income families and at-risk communities. There are a few initiatives however that, long-term, should help contribute to greater stability in the Toronto condo market.
King West is known as Condo Nation. With over 80 developments (excluding Liberty Village), it’s the ‘hood that boasts (or burdens, depending on your POV), the highest condo density in Toronto. It drums up images of sleek, mid-rise condo developments, largely for first time buyers.
But King West can be far from cookie-cutter if you know which buildings pack the most style punch. Queue 75 Portland – the soft loft option that combines a little edge and grittiness with glamour and sophistication, offering a range of unit sizes and price points for everyone from first time buyers to executives looking for their forever, urban home.