If you want an idea of how much potential a new condominium in Toronto has as far as resale someday, take a look at listings and what they go for. So far this year (as of July), the average sold price has topped the average listing price for every month except January, in which case the average listing and sold prices were the same. In 2017, “sold” was more than “listing” for all but three months. In short, condos are in demand, and indicators suggest they will continue to be for the foreseeable future.
New condominiums are the strongest arm of the real estate industry in the Greater Toronto Area. Investors and end-users are discovering that en masse; hence the ongoing demand. We have continued immigration to Toronto and the GTA, and soaring low-rise prices have led people to consider more financially attainable condominiums. The convenience of the condo lifestyle also appeals to today’s frantically busy population.
Condos are a great investment, whether you intend to rent one out or live in it. To keep your eye on Toronto resale listings, check out https://bit.ly/2voncyy, which is updated regularly.