This time of the year is infused with a purpose for giving back, and change is much more palpable, especially in Toronto, where the weather is turning, and sweaters are needed. The Toronto condo market has been changing since 2019, and the fall trends continue to look bright. I recently tuned into Urbanation’s condo market update, and I wanted to share the top market trends with you today.
The Toronto Condo Market Is HOT
Did you know that household equity is the highest it has been in twenty years? People are saving, rates remain low, and more money has been paid on principal payments, increasing equity. Don’t expect the low rates to last. Unfortunately, rates will go up next year. If you are thinking of purchasing a property, now is the time.
The Urbanation’s report primarily focused on condo trends, and I was so glad I tuned in. The Toronto condo market is hot, hot, hot. With the increase in prices in the house vs. condo sector in the past year, we are gearing up for some good condo price appreciation and more competition.
Here’s 6 Reasons You Should Consider Investing In The Toronto Condo Market
-Household Equity Is The Highest It’s Been In 20 Years
-People are putting down more money on principal payments, meaning more equity.
-There’s a massive housing shortage.
-Rising construction costs and mean that construction of new homes is stagnant.
-New Construction Still Sells Really Quickly. However, units are smaller, and prices are higher.
-In 2020, the gap between new and resale was 20%. This year it’s shrunk to 10%.
New condos are selling quickly. Trust me; you need VIP status for those guys. Generally, the price per sq/foot is more, and sizing is smaller, so give it some consideration.
A warning to keep in mind 40% of all condos in Toronto are investor-owned. However, not all condos produce a cash-neutral rental situation.
Every year I donate to Damian’s campaign. If you don’t already know why Damian’s campaign matters so much to me, you can check out my post here to learn more.
After significant loss and pain, my friend Lindsay found a way to make her son Damian’s life meaningful. She set out to make an impact in the lives of others that might be in challenging situations.
And impact it has. In 2019, Damian’s Campaign hit the 1 Million Dollar mark. Now well over $1.6million and all from the efforts of Lindsay, her husband Tim, and other friends and generous sponsors. But again – she’s a two-person team, so this is a fantastic feat.
This year Damian’s Campaign is looking to raise $250,000. AND this year, a special donor will be matching all donations dollar for dollar.
The funds raised in 2021 will go towards helping Holland Bloorview, a hospital for kids with disabilities, raise funds for an accessible playground where inpatients and outpatients can play with their siblings.
That is such great news for all the children that will benefit from your generosity.
If you are still looking for a way to give back to the community, why not help Damian’s Campaign reach its goals?