Toronto Condos: Fr Fr, Is Now the Time to Cop One? 🏠🤔

The Deets

Okay, so Toronto's condo scene is going through it rn. Apparently, things are shifting, and it might actually be a good time for first-time buyers, especially if you're trying to flex with some real estate. The main reason? More condos are up for grabs, and fewer investors are trying to snatch them up. Basically, supply is ⬆️ and demand is ⬇️, which means prices could be dropping. No cap.

For the broke besties tryna become homeowners, this could be a major W. Lower prices mean smaller down payments and maybe even some chill mortgage options. We're talking average condo prices around $655,000. Do the math and if you have a 15% down payment, you might be looking at monthly mortgage payments around $2,900, which is kinda similar to renting a two-bedroom in the GTA. Wild, right?

Brokers out here are tryna educate ppl and build relationships, offering flexible mortgage options, so it's worth chatting to them. Owning a condo could also be a smart move for long-term financial stability, even with extra costs like condo fees, property taxes, and insurance. Think of it like investing in your future and not just throwing money at rent every month.

CREA (Canadian Real Estate Association) is saying that home sales might drop a bit in 2025, but they expect things to bounce back in 2026. So, if you're planning on holding onto that condo for a while, you might be in the clear. Plus, buyers have more power to negotiate prices rn, so you might even be able to snag a condo for less than the average. That's a major flex.

Pro tip: Stick to resale condos for now. They're seen as a safer bet than new developments. Similar stuff is happening in Vancouver and Calgary too, so if you're out there, keep your eyes peeled. Experts are even saying it might be a good time for younger buyers to jump into the market. But, like, do your research and make sure it's the right move for you, obvi.