While 2020 was an unprecedented year that no one could have predicted, as we enter 2021 and are ready to plan our return to normalcy, the coming year shows great promise in several areas. Namely: the real estate industry. Though the beginning of 2020 all but put a halt to all things real estate the fast turnaround in the summer has continued into 2021 and looks to be on a great path. Those looking to get into the real estate market, either for their own home, to buy and flip or as a rental investment, will find that the 905 is an excellent area to shop in.
Top signs that the 905 will be a hot condo market
Though we faced great changes in the 2020 real estate market, 2021 promises to continue the buyer’s market that we started to see come around towards the fall of last year. There are many reasons why we will see a significant increase in condo purchases in the 905 in the coming year.
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Working from home is an increasing trend
After a year that saw unprecedented growth in the work from home trend, and 2021 on a similar pattern, people are starting to look outside of city centers for a place to call home. With commutes all but cancelled, employees no longer have to base their home buying decisions on how long it will take them to get to work. Because of this, people are looking into areas surrounding big city centers like Burlington, Oakville and other cities the Halton region. These regions allow homeowners to remain close to the city should they need to return to the office, but enjoy a more relaxed and lower cost lifestyle.
Cost of living is reduced
Another positive by-product of so many people working from home is that their overall cost of living has decreased. With less money going into transit costs like taxi fares, bus passes, parking fees and gas prices people are finding that they have more expendable income. This lowered daily expenditure combined with the lowered market prices in neighbourhoods outside of Toronto proper means that people are using their extra cash to get into the condo market.
The rental market will trend upwards
With many homeowners leaving the city centers in favour of some less urban locales, this leaves a large opening in the condo rental market within cities. As travel and working on site resumes through the year this allows condo owners to put their units on the market- either rental or sales- and fill them up quickly. Prime locations in excellent buildings will be at the top of the list when renters come looking.
Mortgage rates are at an all time low
In response to the economic devastation experienced in 2020 thanks to the COVID-19 pandemic mortgage rates have been sitting around 1% which is an unprecedented low. The Bank of Canada is indicating that this will hold true for most of 2021 as the economy covers from the hardship that extended lockdowns have created.
These low mortgage rates mean that now is the perfect time for buyers to break into the market. Whether you are looking to downsize to a condo yourself or are thinking now is the right time to break into the rental market, taking advantage of the low mortgage rates will help you maximize your investment.
Pre-construction in the 905 is a great investment
Throughout the GTA there are many new condo construction projects in the works. Investing in a pre-construction condo comes with many benefits to the buyer making them an excellent investment, regardless of how the market is looking. The ability to take part in the design process, make important decisions regarding parking and amenities and put their own stamp on their unit allows new owners to ensure they are getting the most for their money.
2021 is a great year for the condo market
Despite a year of uncertainties in 2020, the coming year is looking like it will tell quite a different story. The condo market around the Toronto area is booming with pre-construction condos and freehold units appealing to those looking to buy.