Toronto’s condo market is exploding!
June 26, 2015
That headline may not seem like news anymore when you see the number of cranes in the air and experience all the lane closures due to construction. It’s what’s happening in the re-sale market is what’s newsworthy.
Toronto Condo sales were up by 23.5% during the first half of June as compared to June 2014, which is on the heels of six straight months of growth. The average price of a re-sale condo was up 8.9%.
Why this sudden uptick in the number of re-sale condos?
There are many advantages to buying an older condo. One advantage is that you can see what you’re getting and there’s a lot to be said for the tactile experience. It’s hard to get a good idea of what the finished product will look like from a floorplan, not to mention how the building is built and what your actual view looks like.
With a re-sale, you know exactly what you’re getting. You also know how the building is run, there’s no risk of lengthy construction delays and you often get more square footage for your money.You also may be in a more established neighbourhood.
Committing to a condo purchase is a big decision – My team and I are here to guide you through the process. Don’t hesitate to get in touch with us if you have any questions!