If there were any time to move to the city, it would be the spring and summertime. Downtown Toronto comes alive when it gets warms; from patios and festivals to outdoor movie screenings, there is never a shortage of things to see or do.
Condominiums are expected to continue growing their share of the market in many regions of Canada this summer. In the densely populated areas of Toronto and Vancouver, higher market prices and limited inventory for single-family homes means condos remain the ideal choice for many millennials looking to buy a place of their own. However, in Montreal, Kingston, Burlington, and Victoria, condos are increasingly attracting Baby Boomers looking for affordability and amenities within walking distance, stated the Housing Market Outlook Report assembled by RE/MAX.
Focusing specifically on Toronto, The Conference Board of Canada predicts that due to decent economic prospects, rapid population growth, and the continued desirability to live downtown near restaurants, entertainment and public transit routes, severe correction in Toronto’s apartment condominium market is unlikely.
“While the large number of units under construction poses a risk, new-unit take-up exceeded completions last year and is expected to match them this year.”
Politics are also expected to have a positive impact on condo sales this year. The recent municipal election has brought a feeling of stability to Toronto, which generally proves well for local real estate, says RE/MAX. That, combined with the fact that Toronto is hoisting the 2015 Pan AM/Parapan AM Games, will likely result in strong price appreciation in the latter portion of 2015.
The luxury market will continue to display strength, and Plaza has a wide variety of luxury condominiums available throughout Toronto’s most iconic areas. From 1 Yorkville to The Tower at King West to Ivory on Adelaide, all Plaza properties are strategically located near subway stations and popular attractions so you never miss a thing. The hardest part about the buying process will be deciding which building you want to move into.
It’s going to be a hot summer in the city. Plaza hopes to see you here.
Some notable outlook highlights for 2015
- Toronto is projected to see sales and price growth amid positive GDP and employment outlooks as well as continuing healthy population growth.
- Its GDP growth is forecast to hit a five-year high of 2.8 per cent this year, spurring faster employment growth.
- The population of condo-loving empty- nesters aged 55 and older rose an average of 3.3 per cent annually over the past decade, twice the pace of overall population growth.
- The city’s median resale price is forecasted to rise 1.9 per cent, to $325,668, in 2015.