Your condo may be valued more than you think.
If you are a condo owner in one of the big metropolitans such as Toronto you are witnessing a market shift during and post Covid era. Homes in and around the GTA have been selling in record time at record prices. Low inventory of homes, historically low mortgage interest rates, increased number of first time buyers (a result of inheritance) due to many fatalities in senior population that left a chunk of wealth or properties valued well over million Dollar.
When Covid first hit, condo market slowed down significantly as home buyers looked outside of urban centres for a place to call home. Soon after the market turned in the seller’s favour and prices started to skyrocket.
Almost all homes listed in the Toronto and other cities around the GTA received multiple offers and sold for prices higher than listing.
This situation left many buyers disappointed as they lost out in bidding wars and saw real estate prices go up by the day.
Soon buyers realized that in order to get into real estate ownership they must go back to condos. This rush slowly started to gain momentum and turned into an influx of buyer that attacked the condo market.
Since Mid-January of this year condo market started to pickup. So did the prices. Newly listed condos in Toronto did not last very long and got sold at asking or just over above.
Today condos are going through the same experience as homes did last year. Just listed condos receive a ton of showings and multiple offers within days. As such condo prices change from one listing to another, from one day to the next.
It is prudent to know what your condo is actually worth today and not to rely on historic data as sold data have almost become irrelevant.
If you are considering making a move, talk to one of our condo specialists in Toronto and Mississauga and get the most up to date valuation for your condo.