The Ontario Real Estate Association says that over a quarter of Ontario residents who are planning on purchasing a home in the next two years will be buying a condo, according to their latest semi-annual Ontario Home Ownership Index.
“Interestingly, Torontonians led the charge in the condo category, with 41 per cent saying they plan to purchase a condo/apartment,” said the president of the Ontario Real Estate Association, Costa Poulopoulos. “In comparison, only 23 per cent of all other Ontarians have similar plans, underscoring Toronto’s unique condo market. Ontarians are confirming that no two real estate markets are the same, despite their proximity. Understanding local market conditions is important for home buyers and sellers as they prepare to purchase of list a home – consulting with a local Realtor who specializes in a particular market is a great way to get in-the-know.”
According to the Index, 14 per cent of Ontarians are “very likely” to sell their home in the next two years, while 28 per cent of Ontarians thing that their area’s real estate market is “very favourable”, while 57 per cent say “favourable”.
If you want to buy a condo in Toronto, be sure to work with a real estate agent that understands the local market and has experience with the intricacies of downtown Toronto condo living!