The phrase “Condo boom” tends to be synonymous with downtown development and burgeoning condo-heavy communities like Davenport Village and the Canary District. But there are booms happening across the city in already mature, prime neighbourhoods like The Beach. Yes, there are still sections of established neighbourhoods that are ripe for development – it’s not a phenomenon exclusive to up-and-coming areas.
The Beach has long been considered prime real estate territory and one of the best family communities in the city. Images conjured are of a mature market with seven figure, executive family houses along coveted streets like Northern Dancer and Glen Manor but there’s also a surprising number of condos for sale in The Beach,
It was the hottest April ever recorded in Toronto’s history – real estate history, that is. With the spring market starting early this year, critics wondered if the market was front-loaded into the early months of 2016. But the shortage of listings in the freehold market continued to push up against high demand causing a continuation of year-over-year price gains that are well above historic levels.
And so the market continued its hot streak through April with no signs of slowing down, contained solely by the constraint of listings. Even the Toronto condo market has been tight in particular property categories like larger, family-sized units and hard lofts.
I should have titled this post 5 things you may not know about Liberty Village “if you don’t already live there” because insiders who have grown up with the community know how many changes have come to the neighbourhood. Insiders also know that the brand image the area has, often compared to CityPlace, isn’t always accurate.
There’s a tendency by some buyers, journalists and even Realtors to group all purpose-built condo communities in one bundle – CityPlace is like Liberty Village is like the Distillery District is like the Canary District and so on. But there are many unique qualities to Liberty Village, obvious to anyone who has spent any time there, as well as subtle nuances that are important for buyers to know about – particularly first time buyers on tight budgets, because it may make you think twice about Liberty Village condos for sale if you’ve been too quick to scratch them off of your list.
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.