The Bibby Group | November 2019 Newsletter
As we close out 2019, the downtown Toronto condominium market has attained record heights once again. With a burgeoning population, strong economic fundamentals, and low inventory levels, Toronto has continued to lead Canada’s real estate market. Indeed, condominium values have increased 9.1% year over year and are poised for moderate growth in 2020. Despite the growth experienced in 2019, we have witnessed a mixed fall market as I have found the sales process to be inconsistent – certain units are selling quickly one week, followed by a slow two or three week period. These conditions have proved frustrating for active sellers, yet rewarding for active buyers in today’s market.
As I discussed in a recent Globe and Mail article, higher-end buyers are being slightly more cautious, while entry-level buyers have been voracious. A continued concern of ours has been the trend of annual growth in sales versus the decline in new listings, as new inventory is down 9.6% compared to last year. With a growing population, this is something we will need to monitor closely.