The Financial Post reports that the number of unsold Toronto condos has started to drop as sales of new units pick up. As prices continue to moderately increase, demand for more units is steady with Toronto maintaining a high absorption rate compared to other cities.
Consider that “during the same period, 6,297 new condominium apartments were sold across the greater Toronto area — an 11 per cent increase from a year ago. Urbanation said the activity was driven higher by a large increase in sales of units that were under construction or recently completed.”
Interestingly, “the total number of units across all stages of development still unsold in the Greater Toronto Area is 17,709. Based on the 20,763 units that sold over sold the previous four quarters, it would take 10.2 months for the market to absorb that inventory.”
The Financial Post goes on to report that “condos are getting more expensive to rent. The average condo rented for $2.48 per square foot in the second quarter, up 4.6 per cent from a year ago.” With this in mind, now is a good time to purchase a condo as an investment opportunity.
With so many condo units still available in the Toronto Market place, buyers have a unique opportunity to look for builders that are offering competitive incentives. Contact me to learn more about builders that are offering easy deposit plans.