As recent statistics from the Toronto Real Estate Board show an all-time high in condominium apartment sales in 2016, Toronto Realtor and condo specialists said the stats show buyers are looking for affordable housing alternatives, which are now at low inventory levels.
Toronto Realtor Franco Dinatale with Right At Home Realty Brokerage Inc. said the new trends in the condo market are due to the soar in detached home prices.
“Low-rise home prices have skyrocketed over the past couple of years, making the purchase of a detached home in Toronto unattainable for many buyers,” Dinatale said in a press release. “In 2016, we saw a tremendous increase in condo sales which, I believe, is a direct result of unaffordable single home prices.”
Dinatale said that increasing detached and low-rise home prices will continue to drive more “non-traditional” condo buyers towards condominiums and that condos remain a good investment.
“It is significant that there has not only been an increase in demand for entry-level condos but also for two-bedroom units,” said Dinatale. “Buyers of larger condominium units typically are already in the housing market. Generally, they are seniors downsizing from a single-family home or singles and couples moving up from a smaller condo unit. What is now different it that many of these buyers are families or young couples looking to start a family, who have been priced out of the detached market."