2 bedroom condo ajax . The time to buy an apartment in Toronto has been missed! If you’ve been hesitant to use low mortgage rates to buy an apartment in downtown Toronto during the epidemic, you don’t have to worry about it now.
According to experts, the most suitable deal is over. This means that you no longer need to weigh the pros and cons and put your savings into a mortgage to try to buy a house.
According to blogTO, a new report from Strata, a real estate and data analysis platform that focuses on the GTA apartment market, shows that the golden window of opportunity for prospective buyers in Toronto was actually last fall.
“We now know in hindsight that the best time to buy throughout the epidemic is in November. At that time, the average price of a GTA apartment fell to 610000 yuan, “said Robert Van Rhijn, a Strata records broker.
Van Rhijn points out that the “much-anticipated decline” will come and go quickly at the end of 2020. Since then, the average selling price of the apartment has increased by about 80, 000 yuan, he said.
“this price rise is almost certainly due to buyers who have been sitting on their hands, waiting for the market to bottom out,” Van said. Now they realize that it may take some time for prices to fall again, so they are trying to buy everything they can. “
In fact, apartment sales across GTA rose sharply in March from a year earlier (importantly, sales fell sharply in March 2020, when COVID-19 first started).
The number of apartments sold in March 2021 was 4165, almost double that of last year, mostly in downtown Toronto, North York, Etobicoke and Scarborough.
Among the suburbs, Missouri Saga has the highest transaction volume of all suburbs, with a total of 519 apartments sold.
Soaring demand may be good for sellers, but it usually means higher prices for buyers. March 2021 is no exception.
According to Strata, the average selling price of GTA apartments last month was 5.5% higher than the asking price, “indicating that buyer demand is still outpacing existing properties.”
“my guess is that demand will continue to far outstrip supply until early summer,” Van Rhijn said. By the end of the spring market, the backlog of buyers is likely to have bought by then. “
Fortunately for those who do not own property, rent prices in Toronto continue to plummet. Rental prices are at a four-year low and are expected to continue to fall for some time.