The Toronto condo market has seen a dramatic increase in listings in recent months, prompting both buyers and sellers to question what lies ahead. According to the 2024 Re/Max Canada Condominium Report, this surge in supply might just be the “calm before the storm,” with significant market activity expected in early 2025.
The report highlights that current high interest rates and stringent lending policies have slowed the entry of first-time buyers into the market. Despite the lull, experts, including Re/Max Canada president Christopher Alexander, anticipate that pent-up demand will fuel a strong market resurgence, particularly as interest rates are expected to ease.
Our very own Tim Syrianos, Broker/Owner at RE/MAX Ultimate Realty, offered his expertise to The Sun. He emphasized the importance of timing and strategy for both buyers and sellers. Tim remarked, “The low-rise and freehold market is expressing a lot more activity than the resale condo market. As interest rate reductions begin to take effect, prices in the freehold market will likely inch up, driving more buyers to the condo market. Now is the time to educate yourself and explore what’s available.”
Tim also advised sellers to stay realistic about current market conditions. “It’s going to take quite some time for values to realize an appreciation, so pricing based on current market conditions is extremely important,” he added.
Want to learn more about the future of Toronto’s condo market? Read the full article in The Sun.
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