Condo Market: Forecasting for Fall

September 7th, 2017

The change of seasons brings with it a new forecast for market trends in both real estate and design.

At the beginning of the summer, both the Toronto Real Estate Board (TREB) and Canadian Real Estate Association (CREA) released their forecast for the fall housing market indicating a favourable outlook for condos. TREB reports indicated a decline in home sales overall, but the smallest decline came in the form of condo sales. As well TREB’s benchmark index showed an increase in condo prices versus those of detached homes. It appears that more Toronto residents are turning to condos as the lack of affordable single-family homes in the city continues.

The demand is not only for condo dwellings but larger ones as well. An increase in the sale of two and three-bedroom condos and two-bedrooms with dens further highlight the fact that Toronto residents are increasingly turning to condo suites as family homes. The demand for larger condos is also likely to continue to increase well into the end of 2017. According to Urbanation, the authority on GTA’s new condo market, demand outpaced supply in the new condo market as of the end of June 2017.

While the mercury may be dropping the condo market remains hot.

There are also a number hot new interior design trends we see coming this fall. Mirrored coffee tables reflect what is currently trending; chic and subtle tables that work well in both traditional and contemporary spaces. Mirrored tables work nicely with the shades of French blue that a classic, if not romantic, touch to walls, furniture and accessories.

A counter-balance to French classic is what House and Home Magazine refers to as Nomadic Modern; a combination of bohemian chic with tribal and exotic elements using mixed patterns, colour palettes and materials for a fun and trendy look.

Still popular in interiors is upscale country creating elegance with grey-brown wash on walls and rustic elements.

Trending in kitchens are open-ended islands which offer display and storage nooks along with runner effects, caused by interrupted floors; a look where the transition of flooring styles between rooms appear to melt into one another.

Finally, we are seeing the use of penny round tiles in flooring and bathroom walls replacing the subway tiles that have been trending for the last little while.