Condo market still hot as key factors continue to drive prices up – at a more moderate rate
Reports indicate that while the GTA real estate market has cooled a little, the indicators are still projecting healthy 2017. With only 2 months’ housing supply, low-interest rates, and high demand, it’s still a good time to buy.
While skyrocketing prices have been the norm for the better part of a year, the hot Toronto market is starting to show signs that it may be starting to stabilise.
New resale listings in the GTA surged 48.9% in May on a year-over-year comparison according to the Toronto Real Estate Board (TREB) it does not cause concern. According to Toronto Real Estate Board President Larry Cerqua, the GTA’s supply of (resale) product as of the end of May is only about two months worth. This continuation of low inventory levels suggests that home prices in the GTA are not headed downwards, but will have a more subtle cooling. TD’s economic-research department now forecasts that GTA prices will rise 12% in 2017, just slightly down from its previous estimate of a 15% increase.
The fundamentals that have driven the Toronto condo market to its current heights, despite analysts suggestions, are still there. Low-interest rates, a lack of inventory, and high demand will continue to keep prices rising in the condo market, albeit at a more moderate rate.
Five years have passed since the completion of Crystal Blu, our sophisticated 35 storey tower that has become one of Toronto’s finest addresses. Over the course of the past five years we have seen significant changes to our neighbourhood, changes that have made residents even happier to call Crystal Blu home.
Located across from Holt Renfrew and the Manulife Centre, we have had the opportunity to get a firsthand look at Bloor Street’s significant makeover; a $24-million transformation to be specific. The project completed by the City of Toronto and the Bloor-Yorkville BIA has seen improvements such as the widening of granite sidewalks and the adding of a sustainable planter system for trees. The area has also seen the $400 million renovation of Hazelton Lanes.
The streetscape has been transformed into lavish laneway of high-end retailers such as Stuart Weitzman, J. Crew, Brooks Brothers, Mulberry and Nespresso along with luxury brands such as Dolce & Gabana, Burberry and Louis Vuitton.
But there’s more in store. The HBC store at Bloor and Yonge will be transformed into the second-largest Saks Fifth Avenue in the world and we’ll be getting a delectable new neighbour when Eataly opens its very first Toronto location in the Manulife Centre in 2019. Eataly, the Italian food palace that includes sit-down restaurants, casual eateries and a multifaceted marketplace will span 50,000 square feet across three storeys.
The first five years at Crystal Blu have been incredible and we look forward to what awaits in the years to come.