Toronto Real Estate Market Update
The real estate market in Mississauga and the Greater Toronto Area posted very robust numbers for the month of October 2020. Over all, sales were up over 25% compared to the same time last year while prices were up over 13%.
Driving this increase I believe is the pent up demand that grew due to the corona virus lockdown earlier in the spring. Also contributing to this is continued low interest rates, projected future population increase and the limited availability of new homes in the GTA.
Toronto Condos
The one segment of the Toronto real estate market that did not fare well was the downtown condo market. This is due to a number of factors including high vacancy rates, pressure from Air BNB investors and an increase in supply due to new projects coming online.
While the slowdown may last for a while, I still believe in the longterm outlook for the condo market in Toronto. As an owner, you just have to decide whether you wait out the slowdown, or cash out to find other real estate opportunities.
Got any questions or want to work together? Let me know!
