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Condo market correction for Toronto?

Economists have increasingly singled out Toronto's condo market as headed for signifcant correction. But, says Adam Brind, with Remax Condos - Core Assets Team, that doesn't necessarily jive the observations of real estate agents now working that market and focused on guiding property investors.

 

Video transcript below:

Adam Brind, Agent, Remax Condos, Core Assets Team
For us, you know it’s hard to deny there is a lot of inventory in the market and we see it, you know we sell it, we live and breathe it. But the reality is that at this point in time, we are still seeing strong demand and we are seeing strong demand from three different areas.

We are seeing demand from people that are downsizing from suburbia, we see strong demand from you know urban individuals that already live here, they want a second home to invest as they just investing for a renter and we also see strong demand from foreign investors.

At this point, you know we can speculate that things will slow down slightly but we don’t see them to a point where we are going to see crash in the Toronto market, we definitely do not see that. We see prices maybe plateauing a bit, they have just increased for too long, but reality is that people are buying these units because there is demand. And you know we see that in our vacancy rates as well.

You know we have a very low vacancy rate in Toronto. You know condo rentals have been snapped up, all over the place in the city and you know we see this strong growth in certain areas of Toronto, you know where there wasn’t before, specially you know in the communities, in the neighbourhoods that traditionally weren’t condo markets are now becoming condo markets. We see a lot of growth there as well.

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