In the real estate obsessed Toronto region, 2018 was the year of the condo — again. Condo prices have been rising for the past three years.
The conditions that made it tougher to buy a house last year — tighter mortgage qualification rules, higher interest rates — contributed to strong demand for condos, which have emerged as the default first home choice and the obvious housing for the workforce that has flocked into downtown Toronto and some of the 905-area municipalities.
After a three-year non-stop party, Toronto’s condo market is likely to settle down in 2019, some of the city’s biggest developers say. The theme of 2019 is about protecting your market, about ensuring that you’re really being thoughtful about the timing and the allocation of costs, and buying your condo at a reasonable price for future investments.
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