The new year promises to be a dynamic year for the Toronto condo market. With higher demand and prices and increasing supply, the industry expects a lively 2019 for the condos. Despite the high prices and demand, the market will continue its buyer’s market trend, making this year very favourable for buyers and investors.
Here are some of the things we can expect in the condo market for 2019;
- Condos will be the primary housing option for buyers – Real estate prices are making single-family homes and townhouses too steep for many people, especially first-time home buyers. This makes condos the more affordable and sensible option.
- Demand will continue to rise – Despite the numerous new developments, the condo market will not have to worry over oversupply. The immigration influx, condo affordability and the evolving ‘virtual’ lifestyle will keep the demand high and the condo market lively.
- The adaptation of modern technologies – Most, if not all, condominium buildings will feature modern technologies to adapt to the times. Co-working offices, smart locks and green features are increasingly being seen in new constructions. Older buildings will also start adding innovative essentials to keep up with the trends.
- Family condos will be popular more than ever – Due to the soaring prices, landed properties like single family homes and townhouses have moved off the affordability range of many young families. This opened a new condo market segment – larger units designed for the entire family.
- Significant investment volume – Decreasing vacancies, a buyer’s market and up-trending market values make it all attractive to investors. Expect another year of record investment volume in real estate.
- More constructions in the offing – Do not expect condo constructions to slow down this year. New developments will be started, and more units will be completed to maintain an ever-growing demand.
- Rentals expected to rise – It is not only the decreasing supply that is boosting the rentals. The remote work setup has reimagined offices and brought them back to the city where connectivity is assured.
Millennials are now starting families and buying homes, adding to the pool of buyers and changing much of the condo configuration. For this generation, a condo is more than just a sleeping space. For them, it is also an office, a social hub, a haven, their own space in the city and a home to grow their family in. Condos in Toronto are addressing the evolving needs, and more!
Thinking of buying in 2019? Consult with a Condominiums.ca Representative to go over available options. We know Condos and we know Toronto and surrounding areas like no other!
