Barely a month ago, condos and house sales within Toronto’s lavish neighborhoods fell precipitously amidst a 21.4% increase in prices. Nonetheless, the Toronto Condo market is set to make a comeback from the Fed-instigated slowdown. The economy within Toronto is reliant upon professional millennials, all eyeing a piece of the Toronto condo action.
Were these prices to persist over the long term, prospective buyers would likely be indebted heavily while underwater mortgages would become a norm. Our predictions for 2018, however, dictate the contrary; flat rates are likely to persist all year long.
Lower Prices for GTA Homes
Across neighborhoods such as Kingsway South and Richview, Condo Chicks has gathered that a number of new homes still remain unsold, indicating the market’s resilience even after the implementation of government regulations. Within the coming 16 months, your chances of getting reduced price for the GTA home are higher.
Our extensive experience on real estate across Toronto neighborhoods like Markland Wood and Humber Heights leads us to believe that pushing prices any harder will be a poor move.
Forecast for July 2018 Toronto Condo Market
While the market this year was active and instigated affordability, more moderation is expected in 2018. The normal rhetoric regarding the NAFTA deal, sky-rocketing home prices, higher loonie, and tighter lending rules. The fair housing plans definitely created much hype, a factor which will be long forgotten then. Are you planning to move to Toronto by July 2018? Condo Chicks is your go-to realty for prospective viewing, pricing, and purchasing.
Why Is The Toronto Housing Market Compelling?
As a city and neighborhood slated to develop into a super city, Toronto easily ranks among other top real estate locations such as Bay Area of California and New York City. In the long run, buying property here will be disappointing, a travesty which Condo Chicks will help you avoid. If you are in the market for a detached unit, you will have to part with much more; the rising population, improving economy, and acute housing shortage have all contributed.
In spite of the foreign buyer tax, demand for immaculate housing will keep rising next year. Having studied the international real estate market, the prices in Toronto neighborhoods such as Islington and Edenbridge can be deemed reasonable. As many foreign buyers are now acknowledging, the Toronto Condo market is more lucrative than in the US.
What To Expect Going Forward
With the current throttled housing supply, home owners have an upper hand in negotiating better deals. The Canadian government has also limited the development of land, causing many prospective investors to hold back. The builders also have to contend with the possible financial exposure, even with ample funding.
As a condo buyer within the neighborhoods covered by Condo Chicks, you needn’t worry about the perceived market uncertainties. While the average buyer’s income is not rising in tune with market trends, we have plans in place designed to serve each individual client best. If demographics are anything to go by, home buying years are fast-approaching for many millennials.
Would you like to start planning for your 2018 move as early as now? Contact us today for an assessment and review of your proposal. We are dedicated to settling prospective home buyers within the lush Toronto neighborhoods.