2019 Toronto Condo Market Expected to be Healthy and Balanced, with Moderate Price Increase by 5%By CondoWong Saturday Jaunary 5, 2019
Happy New Year! May the new year bring in lots of happiness and a bright year ahead! Let's keep you up to date on the condo market.
A Look Back at the 2018 Toronto Condo Market
- Pre-construction prices rose by 12%
- Resale prices rose by 7.5%, with an average price of $595,678
- Construction costs rose by 10%
- Rental demand was at the highest in 30 years, rent increased by 10% with an average rent for a 1 bedroom unit at $2,065 per month.
- 租務市場需求達30年來最高，租金升幅高達10%, 一房單位平均租金高達每月$2,065
A Look Ahead to the 2019 Toronto Condo Market
- 2019 is expected to see a healthier and more balanced market, with a moderate price increase of 5%
- In the past 2.5 years, 200,000 people have moved into Toronto, with 150,000 new jobs created. New immigrants will continue to be a driving force for the condo market in the next few years
- With ever increasing construction costs, pre-construction condos will launch at high prices, but on the other hand, this year will offer the best selection of prime A+ sites
- The "offer bidding" situation in the resale market should cool off a little and this could very well be the best time to get into the market
- Rental demand will continue to be very strong, but the increased number of newly completed units will help to moderate the growth in rent, to around 4-5%