Nostradamus would know if the condo prices were going down.
People ask me this same question almost every day like I am Nostradamus.
My answer is: “I am in the business of marketing properties and representing the interests of buyers, not speculation on the future.”
You should care about the market because if you make a purchase and it drops in value you put yourself in a bad position.
Be careful of people that tell you that the market in Toronto never goes down. That person is either ignorant or lying to you (you can decide yourself which one is worse). However, Toronto has recorded annual price increases in each of the past 14 years. Nice streak!
A few interesting facts to consider:
- 17,000 high rise condo units will be completed this year with an additional16,000 coming on stream next year. (as per CMHC report)
- Approximately 20% of registered condos in 2009 were listed for sale.
- High rise condos will take a majority percentage of all new home sales with a record break 23,500 units sold this year.
- The unemployment rate in Toronto will fall to 9% this year. Employment gains will push the unemployment rate further down next year, providing support for homeownership demand.
- Sales in the GTA will hit a record high 101,000 in 2010. Average prices will increase to $444,000.
So based on what we know, is now a good time to buy? My advice is you need to decide for yourself based on your life situation. I can’t tell you what will happen tomorrow, but if you need help with getting expert advice today, fill in the form on this page and we can chat.
