July 2018 Condo Stats – Making the Case for New Condo Development Projects in 2018
If you’ve been following the real estate market at all in 2018, you’ve likely heard about a brief period of cooling in Toronto and the GTA, followed by a summer revival.
Although housing prices may have leveled off briefly, they are more than likely on the rise again and this trend doesn’t seem like it will reverse any time soon.
Don’t be discouraged. There are still tons of new condo development projects in Toronto and the GTA that are affordable and will provide you with the opportunity to become a homeowner.
According to the Toronto Real Estate Board, condo prices are up nearly 10.15% in the City of Toronto as of July 2018. In contrast, those same condos were up 10.12% in May and briefly slumped to 9.10% in June.
This upward movement was spotted in other major markets between May and July as well:
The biggest drop in condo prices occurred in the Halton Region (Burlington, Halton Hills, Milton, and Oakville) saw the biggest drop off of all major GTA regions. In May, a 10.10% YOY gain was reported, while that number dropped to nearly 4.62% by July.
New condo development projects in Toronto and the GTA are constantly popping up and highly recommended to homebuyers that want the flexibility that comes with investing in one of these projects.
With housing prices likely to keep rising, experts are recommending that interested homebuyers get into the market as soon as possible.
According to Toronto Real Estate Board President Garry Bhaura, the average selling price for a condo sold in Toronto and the GTA is $561,338, up 5.4% YOY.
“Condominium apartments have outperformed other housing types over the past year, in terms of price growth. It has been a seller’s market in many neighborhoods for this home type, which is why we have continued to report average price growth more than twice the rate of inflation,”said Mr. Bhaura.
He noted that 6,837 condos were sold using TREB’s MLS system in Q2 2018, down 16.5% when compared to Q2 2017.
“First time buyers continue to be a key driver of condominium apartment demand. The relative affordability of condos versus low-rise home types, especially with the onset of stricter mortgage qualification guidelines and generally higher borrowing costs, has also been a key factor underpinning tight condo market conditions and continued average price growth,” said Jason Mercer, TREB’s Director of Market Analysis.
You need to stay up to date when it comes to new condo development projects in Toronto and the GTA. These projects offer you the best chance to buy a condo at the best possible price. Not only will you become a homeowner, but you’ll be able to purchase a condo with flexibility. This means a structured buying experience that is predictable and sensible for your budget.
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