2018 Year in Review for GTA Condo Apartments
The overwhelming story of 2018 for the Greater Toronto Area is about condo apartments. While other housing types (e.g. townhouse, detached, semi-detached) had
flat to moderate price growth in 2018, condos continued to reach new highs in terms of pricing.
Why did this happen?
This is directly related to a variety of factors: 1) affordability, 2) location and 3) demand. The vacancy rate for a condo apartment in the GTA is under 1%. This attracts condo buyers who want comfortable security of their home and also investors.
What does it mean for you?
Now may be a good time for condo apartment owners to move up to a larger property since the difference in price between a condo apartment and detached (or semi-detached or townhouse) has shrunk during 2018.