Why the condo market could increase by 20% in the GTA

Hi Eveyone,

 

So many people I know have moved out of the city and into one of the smaller towns due to covid and working at home.  Smaller cities have really picked up in popularity as well as price.  That also means that condos in the downtown core have not been in demand for a while, this may finally be changing.

 

With the real estate market exploding and many freehold homes up 30% from the beginning of 2020, homes have become unaffordable for many people.  In addition to that concept, many buyers are now priced out of their preferred types of homes and area.  

 

That just leaves the condo market.  By default, buyers are now looking at condos as the next alternative to affordable living.  Freehold homes are 2.5X more expensive than condos at this time.  Historically that number has only been 2x.  This means that 2021 could be the year of the condo and if supply and demand collide, there is a 20-24% appreciation growth opportunity for condos.  If that ends up being true then everyone should go out and buy a condo as soon as they can, whether they are a first time home buyer, investor or in the game for a while.   Any $500,000 condo could be $600,000+ be sometime in 2022.  Do not get left behind.