Well, I continue to be amazed at the record breaking sales we are experiencing. Despite an extended Covid lockdown and the news that the anticipated vaccine distribution is not going as smoothly as it should, public confidence in real estate values and the desire for home ownership is at outstandingly high levels.
January’s sales of 6,928 homes was up 52.4% over last January and the average price was up 15.5% year over year! With the sales numbers up over 52% and the number of new homes for sale up only 20%, that shortage resulted in multiple offers and price increases.
The interesting numbers are the ones we see in the following chart from the Toronto Real Estate Board.
What it shows is that 24.5% of all the properties sold were condominiums in the 416 area code. 416 condo sales are on their way back up!
Why? Several reasons. 51.5% of our population is under 40! They want the social lifestyle that comes with living downtown. The price range is right! (Average price of condo in 416 was $ 624,886 in January). The anticipation of return of units to the Airbnb rental pool and of course, the expected 1.2 million new immigrant that will arrive in Canada by the end of 2023.
The 416 condominium market is the next segment of the market that will explode!
My recommendation? It’s a great time to invest in a rental condominium! Give me a call, lets discuss your particular circumstances. Perhaps its time to invest in your retirement fund or help your kids get started. Call me, lets chat and let me put my knowledge, experience and expertise to work for you!
Have a Great February
Your Friend in Real Estate
P.S. In case you missed it, our Broker and our General Manager did a great analysis of the Toronto Real Estate market on February 9. You can watch it at https://youtu.be/_jJubTMeeAc