Posted 1.20.14 @ 8:11
According to an annual housing report from the CMHC, less than a quarter of condos in Toronto are owned by investors - but what does this mean? 23% of condos in Toronto proper are being rented out, but those numbers are counting only the ones that go through the MLS and professional realtors. So if you’re renting a condo via a listing you found on Kijiji or Craigslist, a condo you found through a friend or word of mouth, you won’t show up in these numbers.
This means that a lot of empty condos or people renting their property out on their own is going unaccounted for, which means that a lot more condos are being rented out across the GTA than we know about. Some experts say that it could be as high as 50%, a staggering number when you think about it.
High Rises, Low Numbers
When you factor in all of Canada (not just Vancouver and Toronto’s Downtown districts) high-rise condos actually only account for 31% of the condo market? Just traveling around the GTA (Oakville in particular) you’ll find row houses, townhouses and more, some storeys up - a condo isn’t just about scraping the sky.
The demographics of condos are interesting, as well. According to the CMHC report 43% of condo buyers were single with no children, 29% were couples with no children. 29% were 65 or older, 20% were under 35 and an astounding 65% of condo owners are women.
In the Market for a Condo?
If you’ve been thinking about buying a condo, you might have a hard time - if you’re not working with a great realtor like us! You need to know when those homes come on the market, and some of the best listings won’t always appear on the MLS. Think about it - if you had an Oakville luxury home for sale and it was sitting there vacant, would you want the whole world to know?
That’s why real estate across the GTA is about who you know, not where you look. You have to have those connections, those relationships in place long before the home goes on sale to know that you’re getting the right home, not just the available home.
Rising Prices Expected in 2014
While December’s sales numbers were lower than November’s, it’s expected that prices will continue to rise, especially in the condo market. That’s why it’s important to lock in a great price on a condo now, if you’re looking for one - with so much foreign investment, with so many young people and Baby Boomers searching for a condo that matches all of their criteria, you could have a hard time in a year finding one that isn’t a rental.
Whichever way you look at it, it’s important to remember that you need the right team on your side, the Goodale Miller Team. Give us a call today and see what we can do for you.
For a great selection of luxury condominiums for sale in the Oakville area visit our condo page here: http://www.goodalemillerteam.com/Feature/Lifestyles/Condominiums/9