Three of the biggest demographics buying condos in Toronto are retirees, immigrants, and first time home buyers, all are looking to purchase brand new units. According to a new report by Genworth Canada, the demand for condos is increasing, which will likely lead to an increase in prices within the upcoming year. Experts at Genoworth project a price hike of 2.5 percent to $312,352 which is quite significant.
Toronto’s population has increased by more than 17 percent since the last census period 2006 and over a 100,000 new residents are moving into our city yearly. Many within this group are used to living in urban settings, the 905 composition simply does not satisfy their needs.
Affordability is also key because condos remain the most affordable option to purchase in Toronto taking up just over 35 percent of a median household income
The Macchiusi Sales Team - Weiss Realty Ltd. Real Estate Brokerage (2021)
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