Condo Price Ceiling?October 9, 2018 9:16 am
There is a new (luxury) condo project heading for King Street West. It will be a beautiful gorgeous project that will be the envy of many buildings around it. Information for the public hasn’t been released yet but the project will start selling at $1400-$1500 per square foot. Condo prices are headed up and they will continue to grow as long as demand is there. There is plenty of demand! Where is the demand coming from? It’s coming from local investors who rather put their money in real estate than the stock market. It’s people looking to move to our city from other places around the world. It’s first time home buyers trying to get into the market.
For first time buyers sitting on the fence and waiting is not a strategy! It might mean you will be priced out of the market! The downtown core has grown as much as 11% year over year and some condo buildings prices have grown 16%+ this year. It can be discouraging trying to get into the market, you may not be able to afford your perfect dream condo but getting into the market is an important step to your future’s ability to grow your real estate portfolio.