Toronto condo market update - October 22, 2020
There is a lot of talk about what is happening in the Toronto condo market, at the moment. Please watch my video below, so I may summarize the market for you.
Is this a buyer’s or a seller’s market. 3 important points every buyer and seller must know about the Toronto condo market at the moment.
“Average price for condos has had minimal increase from January to October, in 2020.”
Average prices have fluctuated depending on size of condos. Studios and 1 bedroom condos, have decreased in price. However, 2 bed condos continue to hold their value.
This is a buyer’s market!!!
SNLR is a ratio that is the best indicator if the market is swaying towards sellers or buyers. SNLR stands for Sale to New Listings Ratio. The current market conditions are favouring buyers. With the low interest rates and abundance of inventory on the market, buyers have better choices and less likelihood of competition in acquiring a condo of their choice.
Investors should hold on to their condo investments.
This is a great time to look for vacant condos, that are being sold by investors exiting the market.
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