The GTA condo market is hot, but is it overheated? This is the question posed by a recent article in The Wall Street Journal, featuring quotes from our friend and GTA realtor Andrew La Fleur. The Journal looked to markets that spiked then cooled like Miami, and pointed to the likelihood of history repeating itself with Toronto.
Still, interest rates are low, home prices are high and the market is booming as new condo projects flood the market. Buyers might not be as aggressive if market drivers change, but there are other forces behind the condo boom, as visually represented by this un-BEE-lievable infographic presented by BuzzBuzzHome.
Fifty-percent of condo buyers in the GTA are first-time home buyers, signalling this as a popular means to get into the housing market. Condos are less expensive than freestanding houses, conveniently located, and are low maintenance – all attractive criteria to first-timers, empty-nesters and regular ol’ buyers alike.
Check it out, the market as it stands: