Toronto Condo Market Heats Up

As Toronto’s condo market continues to heat up, it remains a seller’s market out there this Spring. Buyers waiting for signs of cooling down and expecting to snag a deal are going to be disappointed.

Slowly rising interest rates may add some volatility, but the vaccine rollout – and its promise of an eventual end to the pandemic – is fuelling optimism among condo investors. So are rising house prices in the suburbs.

Residential sales across all categories were up 52.5 percent this February over 2020, according to early March statistics from the Toronto Regional Real Estate Board. The average selling price also went up 14.9 percent from last February to a little more than $1.045 million.

Interest rates were at their lowest in January, and with pre-approved mortgages lasting 90 to 120 days, the market is likely to continue to be hot through the spring, according to industry experts. Even if the interest rates go up to 2.2 percent, as predicted by some experts, the current market will still represent one of the lowest-rate spring seasons when considered historically.

Volatility in the condo market is also being stirred by demand from millennials, who represent the largest group of first-time homebuyers Ontario has ever seen. Their demands for housing will further exacerbate the ongoing housing supply shortage.

Although it is hopeful that this spring will bring more listings, which could reduce the number of offers on some of the more desirable properties, the present seller’s market will keep going.

Reference: https://cutt.ly/8cRhL2Z

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