I recently read an article about the Toronto new home market and wanted to share some news that might be worth keeping an eye on. Prices for new construction homes have dropped significantly—over 30% from their peak, and condos are down 32.5%, reaching their lowest point since 2020.
Sales have also slowed down considerably. In October, new home sales were down 60% year-over-year, and condo sales fell an eye-opening 91% from the 10-year average. With prices continuing to drop and rents falling, many investors are taking a step back right now.
For first-time buyers, or those who have considered buying an investment property this could be a fantastic opportunity to get into the market while prices are more favorable. While it’s hard to say exactly when things will turn around, we know there will be a tipping point where the market shifts.
I’m personally monitoring this closely as I plan to make a purchase myself when the time is right, and I’d be happy to keep you updated as the market evolves. If this is something you’ve ever thought about, whether as an investment or a first home, just let me know, and I’ll make a note to keep you informed!
PS: if you would like to get the 10 Best Buys in your price range ( including new construction or condo's) click here