May 2022
There have been many headlines recently that speak of a shift or change in the real estate market
As much as the volume of sales are down across the Greater Toronto area, by approximately 40%, pricing still remains strong, up 9% compared to May of last year.
The overall appreciation of real estate will continue to cool as long as interest rates continue to rise.
The pace at which homes were appreciating across many areas of the GTA were not sustainable.
Inventory levels of available homes for sale will rise, normalizing the appreciation of all home types, which is a good thing!
The sales volume of condominiums has also begun to slow as borrowing costs rise.
The volume of condo sales are down almost 32%, however, pricing remains strong, up almost 13% compared to May 2021.
Again, as inventory levels rise, the pace at which residential property appreciates will normalize
The demand for new construction condominium units continues to be consistent.
New condominium demand has begun to level out, allowing buyers a greater opportunity to select a project and a unit of their choice.
Previously, acquiring a unit in a high demand project felt like the equivalent of winning the lottery.
New construction is a great way to enter or continue to invest in Great Toronto Area Real Estate .
If you are looking to learn more about the buying and investing opportunities new construction presents, please do not hesitate to contact me.
Know that I am only a call, email or text away to assist with any of your real estate needs.