Toronto Investment Property: November Review & Outlook
Even though there’s a drop in activity in November compared to October, the Toronto market was a lot more active compared to the same period last year.
There’s strong momentum in freeholds due to declining interest rates and the desire for space, so both detached houses and semis point to a very strong sellers market for November, and prices maintain a good 9% YoY growth.
Condos remain weak, with more condo sellers pulling out of the market in the short term. All eyes will be on vaccine rollout plans and easing restrictions on immigration and overseas residents, which is needed to sustain demand for condo ownership and renters.
What’s Ahead? We’re optimistic as we move towards 2021. Vaccine news, better than expected bank loan provisions, lowering interest rates all point towards strength for the Toronto real estate market.