Condominiums or popularly knows Condos are quickly gaining acceptance in the Toronto real estate market where ground-level homes such as detached, semi-detached and bungalows were traditionally popular. With the exponential growth in the last 15 years, condos are becoming an increasingly important part of Toronto’s housing market. Such is the interest in the condominium market that demand for Toronto’s condos have surpassed the demand.
According to an independent research company Urbanation Inc., such is the demand for condos that unsold inventory is now at its lowest since 2010. In the second quarter of year 2016, 7,731 condominium apartments were sold with is a staggering 26% from the previous year. This clearly shows the renowned interest the market has been the condo market. As far as buyers are concerned they are getting the venue for the money. A growth of approximately 5 to 10% every year is definitely proving to be a boon for the buyers. The resale value is also close to all-time high which means there is definitely a value in buying a condo in the Toronto area.
As far as the renters are concerned, although there is a choice and availability, the rentals are also on the higher side. With the boom in Ontario’s economy due to the lower dollar rate, Toronto has seen an unprecedented amount of rush for the jobseekers. The younger generation prefers to work in the downtown area and are happy to pay the reasonably high amount of rent. This saves them from commuting times which is a real pain for commuters in the GTA. Vicinity to the office make sure that you don’t need a vehicle and ultimately expensive insurance to go to your office. With improved services by the TTC ensures that you have longer struggle to travel in and out of the city.
In a nutshell, the current pockets scenario points to a win-win situation for both the renters and the buyers. The buyers don’t have to struggle for the renters as there are lot of people looking to find a home in the downtown Toronto area while for the renters that is a lot of choice from low-priced portable condos to premium class penthouse apartments for those who can afford.
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