2015 may be your year to buy a Toronto condo. But with so much speculation about the fate of the Toronto real estate market, a lot of first-time buyers and clients who are in-between properties are questioning should I rent and wait for home prices to drop? In short, no. And here’s why.
House Prices Rise Much Faster Than Salaries
The average buyer’s annual earnings will never increase in proportion to the average increases in Toronto home prices. The price of properties across the City including Toronto condos rose on average by 8% in 2014 over 2013. Keep in mind that’s an average. We’re seeing significantly higher growth with single-family homes in hot neighbourhoods and in condos for sale in Toronto in hot buildings with real cache.