The demand for condominium living is high and has been since 2016 when the average price per unit rose to $501,128 from $321,353 in 2006. However, will this always be the case when it comes to high rise living in the GTA?
The answer according to Condominium Builder’s is yes. In fact, a new condo anywhere in the Greater Toronto Area is the best investment one can make in this lifetime. This monumental hike has left low rise properties in the lurch and has forced a lot of end-users and investors out of that market. This scarcity has brought about what the city of Toronto is notorious for, bidding wars.
Thus, in conclusion, the demand for condominiums will be high so long as immigration, move-up purchasers, empty nesters and retirees are willing to invest.