Is Now a Good Time to Buy Condo Apartments in GTA
Is Now a Good Time to Buy Condo Apartments in GTA? Either you are a First-time buyer or an real estate investor pro the following information need your attention:
The Average Price of a Condo Apartment in GTA is 670k Per Unit Now
It’s easier for normal investors to be involved in the residential market in the medium price range. A house equal to or lower than the average price always is more affordable to the first-time buyer, which is the rigid demand we shouldn’t ignore.
Consumer polling conducted by Ipsos for TRREB suggested that about 40 percent of buyers in 2021 would-be first-time buyers
The Price of Condo Apartments Came to the Lowest for its 4-year Cycles
Since the highest annual increase of 23% was achieved in 2017 the following annual increase kept decreasing. In the first half-year of 2021 the annual increase rate hit 5.65% for the whole GTA area, which is close to the lowest point in 2012’s 1.57% in recent 14 years.
The Ratio of Condo Price to Detached Home Hit Low in H1 2021:
The data from 2021 first half-year shows: the average price of a Detached home in GTA is 1394K / Unit; The average price of a Condo Apartment in GTA is 665K / Unit, and the ratio of Condo price vs Detached Home come to as low as 47%. For the recent 15 years, the lowest ratio of Condo price vs Detached Home occurred in 2016, which was 42.7%; the highest ratio occurred in 2002, which was 60.9%
Condo Apartments will catch up when the Price of Freehold House has been 21% Higher in H12021:
History tells us, although condo apartments and freehold homes are not in the exact same steps, they walk in the same trend. When freehold homes peaked, the condo might be the next.
And the strong reason behind it is affordability
