Real estate in Toronto is certainly a hot topic at the dinner table these days. With stats from BILD and Altus Group showing 1,880 high-rise Toronto condo sales within the month of August 2016 alone, we decided to look at how condos fit into the mix in the Toronto market, compared to affordability in other cities around the globe. We compiled the following research and concluded that based on this data, the Toronto condo market is not actually overinflated relative to other major cities. It’s a hot market that’s for sure, but not overheated. This global comparison shows that condo investment in Toronto is very likely to continue to see potential growth in value over time. Check out the dramatic difference in average condo price per sqft across 18 different cities:
In today’s hot Toronto condo market, buyers and sellers can be caught homeless for a few weeks (or even a few months) in between properties, i.e. they sell their current condo but it takes longer than expected to find a new home due to the major listings constraint we’re working under. The closing date on their new home ends up being later than the closing date of their current home.
There is another scenario, however, where the situation is reversed – a buyer needs to close on their new home before their current condo sale has closed.
While we obviously love living and working in Toronto, we also know how important it can be to get away. We all have our ideal place. Crisp blue waters. Sprawling forests. The peace and tranquility of a star-filled night. For many Torontonians, these are things that we crave. For many of us, that ideal place is called Muskoka.
Similar to GTA housing prices right now, the price of buying a cottage in Muskoka is simply unaffordable for most people. But what if we told you there are now condos for sale in Muskoka?
Toronto’s steamy temperatures over the last few days seem apropos to today’s review of the Toronto condo market. The Toronto Real Estate Board (TREB) has released August’s sales stats, revealing a red hot summer as we head into what may be an even hotter fall.
Here’s a review of last month’s sales stats and some tips on how you can determine what your condo hunt budget will afford you.
Toronto Condo Market Reaches New Heights in August
August was another record-breaking month in terms of year-over-year price growth but what’s particularly interesting about last month’s results is how high sales rose amidst a major listings constraint in the GTA.
You’ve probably all heard that kitchen and bathroom renovations typically offer the best return on your renovation investment come re-sale.
With so many Toronto condos and lofts being open concept these days, kitchens serve double duty as the cooking and entertainment hub. Condo kitchens that lack wow-factor or functionality are almost always where you’ll want to put your reno dollars – for your own enjoyment now but also to set your unit apart when it comes time to sell.
The most talked-about issue in Canadian real estate this past year has been how to cool the red hot Vancouver and Toronto real estate markets.
We touch on this issue frequently in our blog posts but when a reader posed the question to us last week on our Facebook page, we realized we needed to dedicate an in-depth post to the topic of how to cool the Toronto real estate market.
The Problem With Current Discussions About The Toronto Real Estate Market
Here’s the bottom line to all of this, upfront – there is no one, magic bullet that’s going to solve our problems. We wanted to add our voice to the discussion however to bring focus to some of the big issues that collectively could have a major impact on our market.