As detached homes are becoming further a reality for some due to the low inventory and demand skyrocketing; many are turning to condos as an alternative. There definitely was opportunity in this sector several months ago, however this is also an in demand segment once again. I have personally been a part of many bidding wars on a weekly bais. The staggering gap between the number of new listings and the high volume of buyers can really only lead to one outcome – double digit price growth.
On average, I am seeing anywhere from 2-3 offers anywhere to upwards of 30-40+ offers. Condo’s have definitely been making a rebound, with low borrowing rates (even despite the increase we have seen recently), and consumer confidence growing due to the vaccine rollout across the country, there is no expectation for this to slow down anytime soon.
If you are interested in securing a condo property in Toronto – whether as an end user or an investor, for a resale or precon you must have questions and be wondering what your options are. I can happily help guide you through the process. If you have any questions or are interested in any specific listings feel free to reach out, we should chat sooner than later.