The Toronto Condo Market can be volatile and unpredictable, but those who know it well, like Imran Khan of Toronto Downtown Condos, are often able to predict fluctuations and stay ahead of the curve.
Toronto, ON – Imran Kahn, owner of Toronto Downtown Condos, weighs in with his thought and predictions for the Toronto Condo Market for 2019. Imran has been a Toronto-based realtor for quite some time, and throughout his tenure has focused on selling town homes and condos in Toronto. This time in the marketplace has given him a tremendous amount of insight and experience to analyze and predict the market.
“Currently, we are seeing diminishing amounts of listings, which is continuing to drive the price up for condos in Toronto,” says Imran, “Even new construction sales are at record highs.”
In addition to a shortage of condo inventory, the area Toronto is experiencing an even larger decline in the number of detached houses that are going up for sale. This is causing an even greater increase in the already high cost of detached homes.
“The exorbitant costs of detached homes in Toronto is causing that market to stagnate, which will only get worse as supply continues to shorten,” adds Khan, “This is also a mitigating factor in the increase in condo sales in Toronto, as they are seen as a more affordable alternative.”
Although it is already one of Canada’s most populated cities, Toronto continues to expand. This is causing an insatiable demand for housing in a market that is currently bottlenecked by supply.
“It is a perfect storm for high prices, “Khan continued, “It’s really simple economics – high demand, low supply leads to higher prices.”
Those looking to buy shouldn’t be scared by the high prices though. As the value continues to rise, so will the buyer’s equity in their condo, leading to a net gain in their real estate investment.
About Toronto Downton Condos:
Imran Kahn has been practicing real estate in Toronto for a number of years. He has invaluable experience allowing him to get the best prices for his clients, whether they’re looking for Toronto townhouses, condos, or detached homes. If you’re looking for a realtor in Toronto, Toronto Downtown Condos can help you.