Dreams of owning a home in one of Canada's most expensive provinces, Ontario, may remain just dreams for some residents according to a survey conducted by RBC bank in January-February of this year.
According to their data, 60 percent of the respondents in Ontario stated that they need additional income or a second job to buy a home in the province. Fifty percent of the respondents also said that inflation is forcing them to save less for a home purchase, while 31 percent admitted that they would have to live with their parents longer than planned to afford a home. However, there is also an optimistic note.
Despite affordability issues and inflationary pressure, dreams of owning a home are still alive for most residents of Ontario. About 30 percent of those surveyed in Ontario stated that they are likely to buy a home in the next two years, while 56 percent admitted that they will likely have to move from the city they currently live in to afford a home or simply to increase their living space.
And again, in my opinion, there is a big spoon of honey here. It's the condo market. At a time when detached homes in some areas are breaking price records, the condo market should please the average buyer.
According to the latest statistics from real estate analysts at Urbanation, sales of new condos in Toronto have slowed to a crawling pace, falling to a level not seen in the last 15 years. Only 1,461 units were sold in the GTA region in the first quarter of 2024.
Sales decreased by 71 percent compared to the last 10-year average for first quarters (4,978 sales), dropping by 85 percent from the peak in the first quarter of 2022 (9,723 sales). The unsold inventory of new condos in the region now stands at about 23,815 homes, with the number of unsold, never-occupied units having increased by 124 percent over the past two years.
And although all this looks atrocious from the builders' perspective (and is guaranteed to create subsequent problems in Ontario's economy in the future), it provides an excellent opportunity for those who have long dreamed of their own housing.
So, what I'm observing now. I see a 12 percent decrease in the cost of apartments compared to the last quarter of 2023 and 17 percent below the record high level recorded in the first quarter of 2023.
In my opinion, this trend will last until the end of the summer. So, friends, let's call and start investing in housing, which is now in a price pit. And I will help you! Andrei 905-909-8888