In Toronto’s real estate market, the sale and price of condos has once again risen higher than the sale of homes/houses. Most people moving to C=Toronto and wishing to buy a condo to live in have decided to change their mind and wait for an affordable three-bedroom house to go on the market. The sale of condos has gone sky high making the sale of houses look like an ant stuck on the ground.
The biddings for condos attract more buyers than the bidding for homes have. A real estate agent said that just one single bidding for a condo can attract at least 15 to 17 buyers contending for the condo.
By the look of things, the prices of condos have been pacing up and they do not look like they will be going back to normal anytime soon. This is mostly due to the fact that is in the capital city of Canada, Toronto. Prices in the city alone are much more expensive than any other Canadian city.
A unit/ floor in a building close to Niagara Street and King West sold for $25,000. This amount is more than the average amount it had been a month ago. A week ago, however, a unit that was a floor higher with the same layout and parking was sold for way less. A realtor by the name of Mr. Grace believes that it should have been sold for about $40,000 but surprisingly, it was less than $25,000.
Information from the Toronto Real Estate Board states that sales in the Greater Toronto Area market had gone up to 11.8 per cent in January compared to the percentage in December of 2016.
The resale of condos in the resale market went up to 26.7 per cent in January compared to 2016.