|Toronto Harbourfront Condos For Sale|
More Toronto Buyers priced out of the Toronto detached Home Market.
Bidding wars breaking out?
Toronto rents increasing?
Market to become even less affordable?
Talking about Toronto Homes?
We are talking about Toronto Condos and it seems it could become much worse.
The average Toronto Condo in the Greater Toronto Area increased 9% in the third quarter to $1,986 according to Toronto Market Research Company Urbanation.
These are results from Toronto Realtors using the Toronto MLS system.
In the City of Toronto the average 717 square-foot Condo climbed to $2,044 breaking the $2,000 monthly fee for the first time.
In Toronto's downtown core the average rent reached $2,145 or $3.10 a square foot per month.
That is an increase of 10% for downtown average rents!
In the past Toronto Condo rents were increasing by 2 and 3 per cent and had remained flat for several years.
With low Toronto Condo rents buyers who were priced out of the detached Toronto Home market had a choice in rentals but now that is changing fast.
These recent Toronto Condominium rentals spent an average of 12 days on the market with a quarter of these rentals under a bidding war and the number of Condos renting higher doubled since the same time last year.
To make a long story shorter, many Toronto Home buyers will be pushed into the Toronto Condo rental market unable to meet the new stricter mortgage qualification rules.
When to buy or sell or rent a Toronto Condo? I have always said "Yesterday"!
See more of the Toronto Downtown Condos Average Resale Price/Sales September 2016
Iris Li, a Toronto Condos Realtor specializes in Yorkville Condos For Sale both new and resale.