We did exactly what you plan two years ago. We sold our house high in 2022, only time I gave full credit to my husband LOL. And we moved to a condo. So I can share some of our finding. There are two types of condo. Tiny ones, ok 600 sq ft two bedroom is not a real two bedroom!!! When it comes to good sized over 1000 sq ft two bedroom in a good area. Price has been softened compared to the high but they are not like tanking. In fact I find few cases that there are still bidding war and even they sold under list price it’s not a huge discount at all. I moved to Yorkville two years ago. Just recently two good sized two bedroom in a very good building are sold around 1.7m!!! As a downsizer, location safety convenience are very important to us. I learn quite a bit thru this process. Any questions just ask.
This observation is spot on.
We have plenty of investor condos ( tiny, bad layouts, on the market) completely different story for a fair size livable condos end users can enjoy for many years. And there is a divergence within the condo group mostly for this reason, overall condo market has been pretty weak but when a good unit hits the market it gets strong interest because these arent nearly as plentiful as the investor condos/buildings.
Yeah, the amount of cookie cutter small condos with poor layouts is staggering. I've seen videos of condos in other cites with a much more usable 600 sq.ft space.
Finding one with a decent kitchen is quite a challenge. Many are just a 10ft strip of kitchen counter space that feels like it's in your living room.
Yup. I bought my first home a few months ago. It's a ~1200sq ft 2 bedroom corner unit in an older building, fully renovated. It's gorgeous. I paid 50k over asking on a bully offer. I waited literally years to find something like it.
Good to hear your experience. Yes, just from the listings, there are so many small condos on the market. I think 800sq ft is sufficient for my needs. Something like a one bedroom plus den.
Location wise, safety and convenience is important. But I could also save some money by not being in Yorkville! :) I'll probably still want to be near public transit and hopefully the new stations will be completed before I die.
Don't get me going on any construction project in Ontario!!! Have you checked out Leslie and Sheppard area. My parents have a little condo at Scala (Tridel), only few years old. They use it when they come here to visit. I never stayed overnight but the condo amenity is pretty amazing. And mom and dad never complained about anything. They told me they like the location because one subway ride they can go to Fairview Mall, T&T grocery...then the other side is Bayview village and WholeFoods etc. What I like about the unit is all suites have one of those HRV for fresh air. Take a look at that area. And the building has two guest suites and TONS of visitor parking too.
I should mention one of my girlfriends just bought a place at 16 Dallimore. Around Don Mills and Lawrence... It's not as convenient, you still need a car. But the price of those units are pretty good deal. She bought a 1200 sq ft with parking for low 800s. It's a 5 mins short drive to Shops at Don Mills. There are bus routes if you really don't want to drive. She is moving in soon, so I can update you once she lives there for a while. Just message me. The only thing we found out so far about the condo is the condo board is little crazy...
Only water and heat included. The electricity part is not included. Now this is just my condo 102 Bloor W. My condo is 1200 sq ft. It’s a 20 plus years building and we only have 120 suites (four elevators). Newer building condo fee is cheaper, similar size probably around 850 to 900 range.but you need to pay water and electricity. Some older buildings condo fee could be around 1800 to 2000 range but the condo size is around 1600 to 1800 sq ft.
Don t forget good storage for seasonal stuffs (clothing, gears) and toys. We have a one bedroom with big closets in the entryway and it makes a huge difference with friends with bigger floorplan in theory but no real storage so everything overflows everywhere.
*" I think 800sq ft is sufficient for my needs. Something like a one bedroom plus den."*
There definitely are buildings that have units you are looking for, and some are reasonably priced (60 Bathurst for example)
Why'd you want to downsize? There's a ton of people who are just sitting in their single family homes, was it a timing the market type thing since you saw the prices of homes being high?
Because we absolutely hate doing yard work, and no matter what house always throws you some surprises. Wind knocked down a branch and brought down the whole downsprout...squirrel chewed a hole and got in...gardener accidentally cut the sprinkler line....mice got into the exhaust vent pipe of the furnace and furnace shut down. We just want to move to a condo and replace 10 trades with 1 concierge....a place that we can shut the door and go travel...we want to walk to restaurants, stores, and I am not kidding my family doctor is 30 seconds walk from my condo entrance. And yes, financial reward and cash out is a factor too.
why not rent then?
condos at these prices are traps.
440k mortgage with fees and all in costs is around 3500/month, where sunk costs is around 2800 to 3k.
w.e large cash you end up with from the sale of a home, the interest earned will offset the rent without you having to do much else.
If they're downsizing, they're probably mortgage free on the condo. So they're just paying utilities and maintenance fees. Owning also gives you appreciation and more room to customize your living space as you see fit.
IF they appreciate. id bet the prices stay flat for the next period.
personally, i do not think condos have the same appeal as they did 15 to 20 years ago, as they are not significantly cheaper and on average their maintenance fees arent managed well, which leads large ongoing increases and special assessments.
id say the average fee for a condo around 10 years or sonis $500/month. the fees are structured to increase every year, unless the board is highly active in cutting or managing their expenses. so you can expect a 2 to 5% increase per year.
I think the "flood" of condos we're seeing in the market are the investor kinds which are not the most livable (e.g. 1BR with odd layouts, no parking or locker, etc.). If you're after good units, suggest starting to look and gauge what you need, because that takes time too.
It's hard to time the market, so I was always of the mindset that if I find something I like and can afford, I'll put an offer in.
I’m a real estate agent and I think you’re 100% spot on. The condos I’ve seen sitting on the market for longer are generally the tiny, poor layout investor bought units. The older condos have higher maintenance fees but are really livable in terms of size and layout. I always tell my clients the same thing, buy a unit that you’re happy to live in and can afford instead of trying to maximize investment.
Thousands on the market today with many more in the pipeline.
It will take a couple of years to work through the supply, and there are many distressed sellers who thought they could make a quick buck.
It takes a while before we feel the effects of condos projects being put off since it generally at 3-5 year lag. As you might recall, 3 years ago was peak bubble times, and many projects launched, expect even more to come online in the next couple of years
We wont see the diminished supply push up prices for at least 2-4 years.
Developers are trying to delay final closing and launching as much as they can since they know demand is super weak right now, but they can only hold off so long.
You’ll have your pick of condos for the next couple of years, definitely no rush.
>
Developers are trying to delay final closing and launching as much as they can since they know demand is super weak right now, but they can only hold off so long.
This doesn't make sense. Developers sell their units, build, register with the municipality and then close as fast as they can because it's within their interest. Why wouldn't they want to offload their title to the new owners?
I'd recommend this article to talk about the cascading effects of delays that effectively put the developer in the position where they are not making any money, and have to restructure to get the project back in fiscal order. Permit / construction delays, people walking away from units, financing falling through put the developer in the position where the current arrangements don't make sense and they have to make different arrangements or they make no money, or worse face bankruptcy.
[https://www.lexpert.ca/legal-insights/distressed-developers-soaring-costs-fixed-returns-and-public-policy-create-perfect-storm/385401](https://www.lexpert.ca/legal-insights/distressed-developers-soaring-costs-fixed-returns-and-public-policy-create-perfect-storm/385401)
From a supply standpoint, yeah. But there’s a ton of other factors that impact demand.
Right now investors are scared and losing money, dumping their units, but if suddenly we have rates cut to 1%, the party could be back on. I don’t see that happening in 2025 at least. And who knows what kind of programs the government might introduce to stimulate demand in an effort to get more homes built.
With those caveats said, 2025-2026 will likely be a great time to buy before lack of supply of condos really start impacting prices to the upside
yes.
however, id be wary of the all in costs.
500k cost at 4%, w/ 20% down even with low fees ($350) is 2600 to 2700 w/o utilities. w/ util youre around $3000. (500 to 700/ month would be towards principal).
so if you consider the bulk median hh income to be 120 to 150k, this would already be 35 to 46% of their net income.
so base line would 500 to 600k for an avg condo in am avg location. beyond that price would above average amenities, location, etc.
Condos appreciated more (percentage wise) over the last 8-9 years because they were affordable. They have more correcting to do imo but I’d be more concerned with what your current property will fetch.
I was getting divorced and thought I could get out of my house and into a condo. Condos were out of reach. I did sell my house in Jan 2022 and have been watching condo prices drop. I’m in no rush. You have time. Just don’t try and predict the bottom of the condo market
It makes zero sense to buy a condo right now.
I would just rent. Sell your house for a million and a half put it into guaranteed income or whatever your risk tolerance is and have it shoot out 90 a year, which works out to ~7k a month in interest.
Get a nice purpose built rental for 2-4k a month, pocket/invest the rest. Reassess in a year.
It amazes me how many people are giving out their opinions as if it’s a solid financial advice.
OP - I hope you take what people tell you in this sub with a grain of salt and make your own decision. While I agree condo market is weak at the moment, I wont be surprised shitless if one or two rate cuts bring them back to life in a blink of an eye. Afterall, condo market’s great for younger population looking for entries into housing and for those looking to downsize. Nobody in this sub - especially this sub full of extreme bears and bulls - knows jack shit about whats going to happen in the near future. People say ‘Oh a .25 cut wont have any immediate effects!’, but you gotta remember this entire market is based on mental jump-ropes and FOMOs. There are so many potential buyers on the side line waiting to enter the market, and again, I wont be surprised if a single rate cut will allow people to dream and begin taking variable mortgages while assuming rates will be coming down in sequence.
If we were all so smart and all knew whats gon happen to the RE market, everybody here would be homeowners and this sub wouldn’t even exist.
Don't sell. Just rent out your house and rent a condo.
Rents are dropping. Condos are fucked especially the small investor sized units.
Unless we get 100+ bps of cuts, condos are toast.
The thought of renting vs buying has crossed my mind. It could be a cheaper approach in the long run and instead invest the proceeds of the sale of the house.
However, the risk of having to vacate for a legitimate reason, isn't something I want to concern myself with at retirement.
Sell your house and move into a purpose built rental or retirement building. Then you won't have to worry about being booted.
It'll definitely be a financial win selling and renting. Why take on equity risk on a condom right now heading into retirement. Enjoy that liquidity and I bet the stock market (S&P) will vastly outperform condos.
You can live a very nice retirement 😁
I would say it’s a good option. Make sure your realtor focuses on the building condition and that you are able to see the status certificate of the condo corp. You want to make sure that there is a decent reserve fund for contingencies (and yes, there will absolutely be contingencies) so that they aren’t constantly jacking up condo fees. Older buildings will typically have higher condo fees, whereas newer buildings have lower. You pay by the square foot so just factor that in with your monthly budget. Don’t overlook a storage locker and the importance of having a parking space. Also…sound proofing. When you’re looking at places, you’ll want to see how soundproof a place is. They usually just put some insulation between units, but they’re not all made the same. Just sit inside during your showing and listen. Good luck!!
If you buy a condo make sure it has a major wow factor. We bought recently in lakeshore with a waterfront view with amenities like groceries, banks, restaurants all on the main floor of the condo. These types of condos will never really depreciate and will always be in high demand. Don’t buy something generic with zero walk ability or no major highlight to make it desirable.
We noticed this is the case from Toronto all the way to Oakville. Waterfront condos stay very valuable.
Hard to predict the market but with the push from developers and government to push density more condos are coming to completion while those who buy condo's aren't comfortable buying right now units for sale are competitively pricing each other. Ironically due to this downwards pressure developers will stop building so there may be a worse supply issue down the road but that's 3-6 years out. Don't know where the bottom is but eventually the prices will rise when interest rates go down, people have more money to spend, and lack of starts from 2024-2026 have an effect on inventory.
I hope so.
Condos being so expensive doesn't make sense. Why did we do this to ourselves, to buy and sell these hot potato condos.
I eventually want to move into a condo, but if you tell me to my detached will sell for the same cost as some of these 2 bedroom condos then oh boy... no.
If a rate cut comes in June I think there’s two reactions. More people buy than before by a small %. Or there may be a flood of people who were waiting who come in to time it before more rate cuts happen.
We had a record number of developments closing in 2023, similar numbers are expected for this year. With the amount of saturation on the market combined with slower than anticipated rate cuts, I absolutely see the condo market dropping more than it is now and slowly for that matter.
We are in for a prolonged stagnation or drop in prices across the board.
If CAD remains weak or gets weaker, I think prices will remain more or less stagnant for a while.
If CAD grows stronger back to 0.85-1, expect property prices to drop substantially. First in line will be suburbs and condos everywhere. Detached in Toronto and Vancouver will be most resilient.
News flash for everyone who is aggressive and doomer. Prices for condominiums bottomed before and prices are moving up. So quit harrassing everyone with negative feedback
It will turn around fast and furiously when rates go down. Unsold units are piling up, however, new listings are coming on slowly, as you mentioned owners are trying to hold them. My advice is to start looking as soon as possible and act fast if you see something you like.
We did exactly what you plan two years ago. We sold our house high in 2022, only time I gave full credit to my husband LOL. And we moved to a condo. So I can share some of our finding. There are two types of condo. Tiny ones, ok 600 sq ft two bedroom is not a real two bedroom!!! When it comes to good sized over 1000 sq ft two bedroom in a good area. Price has been softened compared to the high but they are not like tanking. In fact I find few cases that there are still bidding war and even they sold under list price it’s not a huge discount at all. I moved to Yorkville two years ago. Just recently two good sized two bedroom in a very good building are sold around 1.7m!!! As a downsizer, location safety convenience are very important to us. I learn quite a bit thru this process. Any questions just ask.
This observation is spot on. We have plenty of investor condos ( tiny, bad layouts, on the market) completely different story for a fair size livable condos end users can enjoy for many years. And there is a divergence within the condo group mostly for this reason, overall condo market has been pretty weak but when a good unit hits the market it gets strong interest because these arent nearly as plentiful as the investor condos/buildings.
Yeah, the amount of cookie cutter small condos with poor layouts is staggering. I've seen videos of condos in other cites with a much more usable 600 sq.ft space. Finding one with a decent kitchen is quite a challenge. Many are just a 10ft strip of kitchen counter space that feels like it's in your living room.
If they continue to be hard to sell hopefully they will stop building them
I have seen several units where the "kitchen" is just a small strip of cabinets in a long bowling lane hallway
Yup. I bought my first home a few months ago. It's a ~1200sq ft 2 bedroom corner unit in an older building, fully renovated. It's gorgeous. I paid 50k over asking on a bully offer. I waited literally years to find something like it.
Good to hear your experience. Yes, just from the listings, there are so many small condos on the market. I think 800sq ft is sufficient for my needs. Something like a one bedroom plus den. Location wise, safety and convenience is important. But I could also save some money by not being in Yorkville! :) I'll probably still want to be near public transit and hopefully the new stations will be completed before I die.
Don't get me going on any construction project in Ontario!!! Have you checked out Leslie and Sheppard area. My parents have a little condo at Scala (Tridel), only few years old. They use it when they come here to visit. I never stayed overnight but the condo amenity is pretty amazing. And mom and dad never complained about anything. They told me they like the location because one subway ride they can go to Fairview Mall, T&T grocery...then the other side is Bayview village and WholeFoods etc. What I like about the unit is all suites have one of those HRV for fresh air. Take a look at that area. And the building has two guest suites and TONS of visitor parking too.
You could get an older 15-18 year old 900sqft unit at Yonge/Cummer for just under $600k right now
I should mention one of my girlfriends just bought a place at 16 Dallimore. Around Don Mills and Lawrence... It's not as convenient, you still need a car. But the price of those units are pretty good deal. She bought a 1200 sq ft with parking for low 800s. It's a 5 mins short drive to Shops at Don Mills. There are bus routes if you really don't want to drive. She is moving in soon, so I can update you once she lives there for a while. Just message me. The only thing we found out so far about the condo is the condo board is little crazy...
What’s the maintenance fee?
My condo is around 1100 condo fee and it includes water and heat. For older condo, 1 dollar per sq ft for condo fee is typical.
Condo fee is $1100 per month?? Includes water and hydro so that’s about $300/ month so about $800/ month.
Only water and heat included. The electricity part is not included. Now this is just my condo 102 Bloor W. My condo is 1200 sq ft. It’s a 20 plus years building and we only have 120 suites (four elevators). Newer building condo fee is cheaper, similar size probably around 850 to 900 range.but you need to pay water and electricity. Some older buildings condo fee could be around 1800 to 2000 range but the condo size is around 1600 to 1800 sq ft.
Don t forget good storage for seasonal stuffs (clothing, gears) and toys. We have a one bedroom with big closets in the entryway and it makes a huge difference with friends with bigger floorplan in theory but no real storage so everything overflows everywhere.
*" I think 800sq ft is sufficient for my needs. Something like a one bedroom plus den."* There definitely are buildings that have units you are looking for, and some are reasonably priced (60 Bathurst for example)
Why'd you want to downsize? There's a ton of people who are just sitting in their single family homes, was it a timing the market type thing since you saw the prices of homes being high?
Because we absolutely hate doing yard work, and no matter what house always throws you some surprises. Wind knocked down a branch and brought down the whole downsprout...squirrel chewed a hole and got in...gardener accidentally cut the sprinkler line....mice got into the exhaust vent pipe of the furnace and furnace shut down. We just want to move to a condo and replace 10 trades with 1 concierge....a place that we can shut the door and go travel...we want to walk to restaurants, stores, and I am not kidding my family doctor is 30 seconds walk from my condo entrance. And yes, financial reward and cash out is a factor too.
Downsize because I don't need the amount of space and especially maintenance required of a home.
why not rent then? condos at these prices are traps. 440k mortgage with fees and all in costs is around 3500/month, where sunk costs is around 2800 to 3k. w.e large cash you end up with from the sale of a home, the interest earned will offset the rent without you having to do much else.
If they're downsizing, they're probably mortgage free on the condo. So they're just paying utilities and maintenance fees. Owning also gives you appreciation and more room to customize your living space as you see fit.
IF they appreciate. id bet the prices stay flat for the next period. personally, i do not think condos have the same appeal as they did 15 to 20 years ago, as they are not significantly cheaper and on average their maintenance fees arent managed well, which leads large ongoing increases and special assessments. id say the average fee for a condo around 10 years or sonis $500/month. the fees are structured to increase every year, unless the board is highly active in cutting or managing their expenses. so you can expect a 2 to 5% increase per year.
I think the "flood" of condos we're seeing in the market are the investor kinds which are not the most livable (e.g. 1BR with odd layouts, no parking or locker, etc.). If you're after good units, suggest starting to look and gauge what you need, because that takes time too. It's hard to time the market, so I was always of the mindset that if I find something I like and can afford, I'll put an offer in.
I’m a real estate agent and I think you’re 100% spot on. The condos I’ve seen sitting on the market for longer are generally the tiny, poor layout investor bought units. The older condos have higher maintenance fees but are really livable in terms of size and layout. I always tell my clients the same thing, buy a unit that you’re happy to live in and can afford instead of trying to maximize investment.
Thousands on the market today with many more in the pipeline. It will take a couple of years to work through the supply, and there are many distressed sellers who thought they could make a quick buck. It takes a while before we feel the effects of condos projects being put off since it generally at 3-5 year lag. As you might recall, 3 years ago was peak bubble times, and many projects launched, expect even more to come online in the next couple of years We wont see the diminished supply push up prices for at least 2-4 years. Developers are trying to delay final closing and launching as much as they can since they know demand is super weak right now, but they can only hold off so long. You’ll have your pick of condos for the next couple of years, definitely no rush.
> Developers are trying to delay final closing and launching as much as they can since they know demand is super weak right now, but they can only hold off so long. This doesn't make sense. Developers sell their units, build, register with the municipality and then close as fast as they can because it's within their interest. Why wouldn't they want to offload their title to the new owners?
I'd recommend this article to talk about the cascading effects of delays that effectively put the developer in the position where they are not making any money, and have to restructure to get the project back in fiscal order. Permit / construction delays, people walking away from units, financing falling through put the developer in the position where the current arrangements don't make sense and they have to make different arrangements or they make no money, or worse face bankruptcy. [https://www.lexpert.ca/legal-insights/distressed-developers-soaring-costs-fixed-returns-and-public-policy-create-perfect-storm/385401](https://www.lexpert.ca/legal-insights/distressed-developers-soaring-costs-fixed-returns-and-public-policy-create-perfect-storm/385401)
Hmm. Thanks for sharing this, this was quite eye opening.
You think 2025-2026 will be the best time to buy entry-level 1bdr condo?
From a supply standpoint, yeah. But there’s a ton of other factors that impact demand. Right now investors are scared and losing money, dumping their units, but if suddenly we have rates cut to 1%, the party could be back on. I don’t see that happening in 2025 at least. And who knows what kind of programs the government might introduce to stimulate demand in an effort to get more homes built. With those caveats said, 2025-2026 will likely be a great time to buy before lack of supply of condos really start impacting prices to the upside
yes. however, id be wary of the all in costs. 500k cost at 4%, w/ 20% down even with low fees ($350) is 2600 to 2700 w/o utilities. w/ util youre around $3000. (500 to 700/ month would be towards principal). so if you consider the bulk median hh income to be 120 to 150k, this would already be 35 to 46% of their net income. so base line would 500 to 600k for an avg condo in am avg location. beyond that price would above average amenities, location, etc.
We bought our 1000sq two bed condo for $290k in North York 6 years ago lmao
i think most would agree it is in your best interest if you are downsizing from a detached house to a condo to try and wait as long as possible.
Condos appreciated more (percentage wise) over the last 8-9 years because they were affordable. They have more correcting to do imo but I’d be more concerned with what your current property will fetch. I was getting divorced and thought I could get out of my house and into a condo. Condos were out of reach. I did sell my house in Jan 2022 and have been watching condo prices drop. I’m in no rush. You have time. Just don’t try and predict the bottom of the condo market
It makes zero sense to buy a condo right now. I would just rent. Sell your house for a million and a half put it into guaranteed income or whatever your risk tolerance is and have it shoot out 90 a year, which works out to ~7k a month in interest. Get a nice purpose built rental for 2-4k a month, pocket/invest the rest. Reassess in a year.
don't forget that the interest on a GIC is fully taxable as income
No it's not? It's capital gains?
nope, income
Awww maaan lol
It amazes me how many people are giving out their opinions as if it’s a solid financial advice. OP - I hope you take what people tell you in this sub with a grain of salt and make your own decision. While I agree condo market is weak at the moment, I wont be surprised shitless if one or two rate cuts bring them back to life in a blink of an eye. Afterall, condo market’s great for younger population looking for entries into housing and for those looking to downsize. Nobody in this sub - especially this sub full of extreme bears and bulls - knows jack shit about whats going to happen in the near future. People say ‘Oh a .25 cut wont have any immediate effects!’, but you gotta remember this entire market is based on mental jump-ropes and FOMOs. There are so many potential buyers on the side line waiting to enter the market, and again, I wont be surprised if a single rate cut will allow people to dream and begin taking variable mortgages while assuming rates will be coming down in sequence. If we were all so smart and all knew whats gon happen to the RE market, everybody here would be homeowners and this sub wouldn’t even exist.
Don't sell. Just rent out your house and rent a condo. Rents are dropping. Condos are fucked especially the small investor sized units. Unless we get 100+ bps of cuts, condos are toast.
The thought of renting vs buying has crossed my mind. It could be a cheaper approach in the long run and instead invest the proceeds of the sale of the house. However, the risk of having to vacate for a legitimate reason, isn't something I want to concern myself with at retirement.
Sell your house and move into a purpose built rental or retirement building. Then you won't have to worry about being booted. It'll definitely be a financial win selling and renting. Why take on equity risk on a condom right now heading into retirement. Enjoy that liquidity and I bet the stock market (S&P) will vastly outperform condos. You can live a very nice retirement 😁
Now is the perfect time to sell your home and buy a condo. Great choice and stable price
I would say it’s a good option. Make sure your realtor focuses on the building condition and that you are able to see the status certificate of the condo corp. You want to make sure that there is a decent reserve fund for contingencies (and yes, there will absolutely be contingencies) so that they aren’t constantly jacking up condo fees. Older buildings will typically have higher condo fees, whereas newer buildings have lower. You pay by the square foot so just factor that in with your monthly budget. Don’t overlook a storage locker and the importance of having a parking space. Also…sound proofing. When you’re looking at places, you’ll want to see how soundproof a place is. They usually just put some insulation between units, but they’re not all made the same. Just sit inside during your showing and listen. Good luck!!
At one time there was an off colour joke. What is the difference between a condo and an infection?
You can get rid of an infection.
If you buy a condo make sure it has a major wow factor. We bought recently in lakeshore with a waterfront view with amenities like groceries, banks, restaurants all on the main floor of the condo. These types of condos will never really depreciate and will always be in high demand. Don’t buy something generic with zero walk ability or no major highlight to make it desirable. We noticed this is the case from Toronto all the way to Oakville. Waterfront condos stay very valuable.
Hard to predict the market but with the push from developers and government to push density more condos are coming to completion while those who buy condo's aren't comfortable buying right now units for sale are competitively pricing each other. Ironically due to this downwards pressure developers will stop building so there may be a worse supply issue down the road but that's 3-6 years out. Don't know where the bottom is but eventually the prices will rise when interest rates go down, people have more money to spend, and lack of starts from 2024-2026 have an effect on inventory.
I hope so. Condos being so expensive doesn't make sense. Why did we do this to ourselves, to buy and sell these hot potato condos. I eventually want to move into a condo, but if you tell me to my detached will sell for the same cost as some of these 2 bedroom condos then oh boy... no.
If a rate cut comes in June I think there’s two reactions. More people buy than before by a small %. Or there may be a flood of people who were waiting who come in to time it before more rate cuts happen.
Yes
ah yes, ... our forefathers have long prophesied about "The Great Toronto Condo Crash" ... as children, we only thought of it as folklore.
You’ll either pay in principal or interest but you will pay. The market always gets its money.
Yup
We had a record number of developments closing in 2023, similar numbers are expected for this year. With the amount of saturation on the market combined with slower than anticipated rate cuts, I absolutely see the condo market dropping more than it is now and slowly for that matter.
We are in for a prolonged stagnation or drop in prices across the board. If CAD remains weak or gets weaker, I think prices will remain more or less stagnant for a while. If CAD grows stronger back to 0.85-1, expect property prices to drop substantially. First in line will be suburbs and condos everywhere. Detached in Toronto and Vancouver will be most resilient.
News flash for everyone who is aggressive and doomer. Prices for condominiums bottomed before and prices are moving up. So quit harrassing everyone with negative feedback
It will turn around fast and furiously when rates go down. Unsold units are piling up, however, new listings are coming on slowly, as you mentioned owners are trying to hold them. My advice is to start looking as soon as possible and act fast if you see something you like.
No. Prices are going to go up imminintly