It’s no secret that the real estate market in Toronto and it’s surrounding area is on an upswing. Homes just outside of the GTA have been selling for hundreds of thousands of dollars above asking price with several offers on the table. It should come as no surprise then that the market within Toronto is growing as well. After an unprecedented year that saw more people working from home and ditching the commute than ever before, Toronto’s condo market is seeing a real increase in the industry. Cities in the 905, like Burlington, are a hot spot for preconstruction condo opportunities.
Top reasons for condo sales growth
There are many reasons why the condo market industry in the GTA is growing. Canada’s steady immigration rates, the ability to work from home and families who have adjusted their needs over the years definitely help with this trend of moving into condos, but there are also other reasons we’ll see an increase in this space this year and into 2022.
There’s several reasons why a condo is a residence of choice in Greater Toronto.
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They’re more affordable. Typically smaller, you can find the “right sized” home for you.
They’re convenient. Your elevator can get you to any floor, the parking is sheltered (often underground), there’s less square footage to upkeep as common elements are professionally maintained.
They’re efficient & greener. Yes, the unit heating and cooling costs are lower. In particular, buildings can employ such things that are often not feasible in other home types, like geo-thermal heating. Overall, higher density living is more sustainable and better supports services like transit use.
Greater social opportunities. Typically, condo buildings have common areas, party/games/reading rooms, patio facilities and gyms. Getting to know your neighbours is much easier and may be a better fit for your lifestyle.
Who’s driving demand for condos?
Newcomers to Canada frequently try to first settle in more well known and popular cities, making Toronto a prime target for many demographics. Since people who immigrate to Canada may want to get a lay of the land before choosing a neighbourhood, city or province to settle in, a condo is the perfect starting point for them. These units are much cheaper than a detached or single-family home and can often be rented out if they do decide to move somewhere else.
Ontario is the most popular province for newly arrived immigrants to Canada and it’s no surprise that Toronto and the cities that surround it top the list for areas to start their new life in. With smaller cities like Burlington, Hamilton and Oakville included in the GTA newcomers have no shortage of places to choose from. And with the abundance of preconstruction and newly built condos in the area they will have plenty of choices when it comes time to buy.
2. First time buyers
New homeowners looking to break into the real estate market are often inclined to start smaller and work at building their equity in order to buy a larger home down the road. Condos within the GTA provide the perfect opportunity for first time buyers to get started in the industry whether they’re looking to buy as a rental property or to live in it themselves.
After owning and living in a larger home like a single-family unit or a detached or semi-detached home, some families realize they are ready to downsize into a smaller space. Whether they want to travel more and have less space to manage while gone or the kids have all flown the coop and parents are ready for less house to clean and care for, a condo provides the perfect solution.
Condos in the GTA are one of the easiest properties to rent out, making them a great investment opportunity for anyone looking to get into the rental market. The maintenance fees that often come with buying a condo cover most of the costs associated with maintaining the unit, so the actual time investment can be much easier to manage than other home styles. The ability to get into preconstruction condos early then flip the unit can be a savvy real estate move, as well.
5. Young professionals
The greater Toronto area has an excellent transportation system with GO trains and the 400 series highways making it the perfect hub for young professionals in many industries. Whether they work from home or are looking for a great, affordable space to commute from, condos in the GTA are a big draw for many professionals.
The demand for condos will continue
Despite a record setting year in many aspects, the real estate market continues to grow and thrive in most areas. Today’s market in the Toronto area is showing that there will always be a strong demand for condos and that the competitive pricing and increasing ROI will continue to offer a great investment opportunity.