Is there a Cooling in the demand of Condos in Toronto?
It is a known fact that condos have had a significant role in bringing up a drooping real estate market in Toronto. But everyone is doubtful whether this trend of high demand for condos has started to cool off. Considering the fact that the contribution of the condo market in any increase in sales or prices in Toronto Real Estate market over the past two years, we need to understand that it cannot cool off just like that. But what exactly is the cause behind such doubts? And that is mainly because the sales of Condos are down slightly for the first few months of 2019 compared to last year.
The alarming fact being all other house types was gaining a double number gain in sales and the reason for the same is high prices. To be precise, the condo prices are shooting up a bit, making it look a little expensive compared to the detached and semi-detached houses. It might be because there has been a huge demand but less supply.
Yes, the supply for condos is relatively tight comparing to last years which is keeping the prices up and if it is to continue the prices may also go up. But the good news is that there have been lots of new condos projects that is happening in Toronto this year and probably it can match up the supply and bring down the prices of condos so that people can own it according to their preference.
To know more about the upcoming projects you can visit our website www.tomycity.ca. Our site will give you an elaborate idea about the condos and new projects in the city. You can get in touch with us through the site itself as there is a provision in the site itself.