FOR IMMEDIATE RELEASE
Toronto, Canada, 7 April 2020 – Toronto is a place like no other. It is not just Canada’s largest city but also boasts thousands of Homes & Condominiums. This highly coveted world-class city is an exciting place to live, to work, as well as enjoy the finer things in life. It offers every amenity you can think of—amazing shopping centres, fine dining establishments, green spaces, parks, recreational attractions, attention-grabbing entertainment, top art centres, premier educational institutions, top-class medical facilities, excellent transit options and more.
February 2020 reports showed an increasing real estate market that will continue to grow in 2020 & 2021. Currently, there are hundreds of new condominium & Homes developments in the city that are in different forms including high-rise, low-rise, and condo townhomes projects, with the number on the rise constantly.
Over the last 10 years, Toronto’s condo development market has really exploded especially in the downtown centre. This is a location where young single professionals in the 25-35 age bracket desire to live, as some of the city’s most desirable neighbourhoods are situated in or close to downtown. Toronto was expected to have the highest number of high-rise condos in the world by 2020.
The vibrant city offers a wide selection of residences that come in different styles and with different features hence offering numerous residential real estate opportunities for both homebuyers and investors in the downtown core.
New condos continue to dominate the Toronto real estate market with the demand for larger condo units on the rise. These new condos have been mostly multi-use featuring retail spaces and office spaces, daycare as well as parks. Toronto New Condos usually feature sleek finishes and architecture, with luxury amenities that include 24-hour concierge, outdoor balconies, modern fitness facilities, swimming pools and more.
Purchasing Toronto new condos for sale puts you at the epicenter of a flourishing and vibrant real estate economy. Tactical thinking and purchases are critical for residents who want to be constantly on top of this fast-paced market. There are unlimited opportunities for Toronto new condos in the most dynamic locations.
The arrival of COVID-19 has triggered an instant slowdown in the housing market activity as well as across the economy more generally. There was a conspicuous impact on both house and condominium markets across the GTA only two weeks after the state of emergency was announced to combat and contain the pandemic. However, this is a short-term effect since real estate fundamentals show that housing demand will certainly bounce back in the long run in key urban centres such as Toronto.
This highly contagious virus keeps the majority of buyers grounded. Consequently, this could be a perfect chance for opportunistic buyers to locate a deal in Toronto’s real estate in the course of this momentary period of market slowdown.
With the recent stock market dip, buyers who had their down payments in stocks may no longer be able to afford the type of home they desired. As a result, there has been a significant drop in mortgage rates, which makes it cheaper to purchase a home. This is a fantastic time for buyers who kept their down payment in cash and were not affected by the stock market slump to benefit from low interest rates.
Industry experts expect the market to surge once the virus fears are gone, the reason being that there are no changes in the market fundamentals. No matter what happens, people will still desire in their minds to own real estate. The desire to own homes cannot be changed by a virus that is spreading around hence the demand for homes remain unchanged.
There are ready buyers who are holding off – thanks to COVID-19 fears. At the moment a concentration of buyers is building up and all of them will actually flood into the market the moment the virus fears are passed. This will lead to an increase in demand for and prices of Toronto new condos.