Morrison Sells Real Estate – Toronto Real Estate Agents
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Does size matter? When buying a condo, you need to determine what size space you’d like to live in. The older condo buildings tend to have much larger units available than the newer buildings. The average size condo in a newer (less than 5 years old) building is less than 600 sq ft. If you want space you need to look at an older building.
Here’s the new residential tenancy agreement that comes into effect later this year.
Recently, I’ve witnessed unprecedented gains in the condo market, particularly with condos below the $500K mark. It seems that they could be the bastion of hope for those on a smaller budget. Recently, I’ve seen a 500+ sq. ft. condo listed for $408K at Bathurst & Bloor end up with 18 offers and sell for $509K on offer night. Another condo in the Dupont & Lansdowne area listed for $441K sold for $500k after 3 offers on offer night. The spectacular thing about that condo was that the status certificate (financials of the building) was not available and the buyer removed their status certificate condition in order to make their deal go firm that night.
What’s the Stress Test doing for the condo market? Here’s what you should know about the condo market right now.
Last year, I analyzed the value of 2-bedroom condos along each subway line so that you could see what trends emerged at each station when it came to price. I pulled the data from the Toronto Real Estate Board statistics based on condos that were within a 0.3km radius (394 steps) from a subway station. Some stations didn’t have any condos built within the 0.3 km distance while some stations had less than 2 condo sales reported during the period of Jan. 1 to July 24th, making some of the sample sizes rather small. In this year’s version, I have added in the data from condo sales in the back half of the year (July 25th – Dec. 31st, 2017). Now we have a better idea of not only the values at each subway station but whether the values increased or decreased towards the back half of the year.
Here’s a simple tip that you should know about buying a resale condo as opposed to buying pre-construction.
Here’s what happened in Toronto’s condo market in 2017, plain and simple.
Here’s how the housing market did in the past year.
The mortgage rate is going up again in January 2018, which means your affordability will decrease.
