Universal City 3 Condos . The York district has soared! Toronto’s housing market except apartments remained active during the outbreak. However, due to a large number of rentals and apartments sold in the market, the prices of apartments in Toronto are gradually falling to a price range that more and more people can afford to buy.Please Visit: Universal City 3 Condos to Get Your VVIP Registration Today!
In this trend, sales of new apartments have fallen sharply in Toronto, especially in the heart of the city. According to the latest figures, new home sales fell by nearly half in October compared with last year.
According to the latest information from Atlus Group, new home sales in the greater Toronto area fell by 10% in October 2020 compared with October 2019, with new home sales in Toronto falling sharply: a staggering 44%, with only 987 new apartments sold in a month. Of course, the dismal apartment market is partly due to the COVID-19 epidemic. What is even more unbelievable is that the sales of some large apartment buildings in Toronto are even lower than that figure.
However, the above table shows that in GTA, Duran and York, new home sales continued to rise in October, up more than 33% from last year.
The company said the epidemic and new restrictions on short-term rents had kept the city’s apartment market struggling, with rising vacancy rates and falling rents as a result of the health crisis.
As the “work from home” model continues, people have also left the city and surrounding offices, turning to leisure areas to rent or buy houses. Rents, prices and the cost of living in these places are usually low.
Owners of “high-rise small apartments” face the biggest crisis in the apartment market. Previously, many investors bought small apartments and rented them out. Now that there are fewer tenants, many people do not want to live “from home and work” in the city center, but choose places with larger suburbs and lower cost of living.
In the Greater Toronto area, apartments are the only type of housing where prices have fallen rather than soared in recent months. Although the epidemic and blockade policies have cooled the housing market, the Toronto real estate economy is moving forward steadily. Obviously, now is not the best time to sell apartments, but those who plan to buy apartments may have reason to cheer.
