Embracing Opportunity: Why Now Is the Perfect Time to Invest in Toronto’s Pre-Construction Condo Market
Toronto’s real estate market is buzzing with excitement, and it’s a great time for those looking to buy pre-construction condos. Despite some recent challenges, things are looking up, offering investors new opportunities for growth and success.
Let’s take a closer look at the future of the pre-construction condo market in Toronto, where positive momentum is building. A combination of factors is coming together to enhance the buyer experience, making it an exciting time to get into the pre-construction condo market. Check out our guide to buying pre-construction condos in Toronto before you dive into the condo market.
A Positive Outlook
Despite the ups and downs of the condo market, there’s a glimmer of hope on the horizon. Condo sales saw a brief dip last year, but 2024 and especially this springtime has brought an increase in new listings, revitalizing the market. This increase not only balanced supply and demand but also led to lower prices, creating a favourable environment for homebuyers.
Looking ahead, there’s a lot of anticipation about what the Bank of Canada might do next. Interest rates are predicted to be cut in June, which could really shake up the housing market. Lower interest rates mean more affordable mortgages, which could increase demand in pre-construction condos and create new opportunities for investors. Lower interest rates can also mean that home prices increase, however – so it’s not necessarily a good choice to wait until interest rates drop to much lower rates.
Why Invest Now?
With the market constantly changing, now is an excellent time to invest in Toronto’s pre-construction condo market. With reduced competition and steady inventory, buyers share a unique opportunity to secure a great deal in the Toronto real estate market. Unlike previous years where the typical year-over-year price of pre-construction condos increased, prices have remained stable, and developers are sweetening the pot with incentives like extended deposit structures and state-of-the-art amenities.
If you’re looking to take advantage of the current market conditions, you’ll want to do so quickly. With interest rate changes on the horizon, there is uncertainty regarding how it’ll affect the market, so it’s a great time to lock in a good price on a new pre-construction condo. If interest rates are cut and make things more affordable, demand is expected to increase, and eventually, prices too. By waiting for construction to finish, you can skip the resale market and set yourself up for long-term value.
More Incentives for Buyers
To make things even more appealing for buyers, Toronto developers are offering some amazing incentives. Extended deposit structures mean you can get into a pre-construction condo with less money upfront, making it easier to enter the market. Additionally, incentives like free or discounted parking, the right to lease during the occupancy phase, and credits to cover closing costs add even more value.
Trends in Condo Design
Beyond market dynamics, a wave of innovation is sweeping through condo design, shaping the future of urban living. Sustainability is now a key focus, with developers incorporating eco-friendly practices and amenities like green roofs and energy-efficient appliances.
Smaller units are on the rise, reflecting a fast-growing city and a shift toward more efficient and sustainable living. These compact but thoughtfully-designed spaces maximize functionality without compromising comfort.
Additionally, amenities are redefining the condo living experience, with state-of-the-art facilities creating a sense of community and luxury, right at home. From fitness centres to rooftop terraces and co-working spaces, these amenities elevate the quality of life for residents.
Smart technology is transforming condo living, making it more convenient, comfortable, and connected. Features like smart locks and thermostats, app-controlled entry systems, and parcel lockers are now common in new pre-construction condos.
Embrace Opportunity
It’s a great time for investors to take advantage of Toronto’s pre-construction condo market. With a positive market outlook, strategic timing, incredible incentives, and innovative design features, buyers can feel confident buying a pre-construction condo in Toronto.
Do you have any questions about the future of the pre-construction condo market in Toronto? Connect with BAZIS on social media (Facebook, X, or Instagram) and let us know!
Everything You Need to Know About Toronto’s 2024 Real Estate Market Forecast
As we head into 2024, things are looking bright for potential new home and condo purchasers in Toronto. While the Toronto real estate market has been facing some challenges, there is hope for a rebound in 2024.
According to reports from RE/MAX, there was a decrease in average sale prices and the number of sales in the Greater Toronto Area (GTA) between 2022 and 2023. The average sale price decreased by 5.9%, from $1,203,916 in 2022 to $1,132,681 in 2023, and the number of sales decreased by 13.5%, from 67,452 in 2022 to 58,367 in 2023.
In the GTA in 2023, the market was considered a seller’s market. However, there could be a shift toward a balanced or buyer’s market by the end 2024, depending on the neighbourhood in question. Average residential sale prices are predicted to drop by 3%, whereas the number of sales is expected to grow by 10.4%.
The top three areas to keep an eye on in the GTA are the Durham Region, Markham/Richmond Hill, and downtown Toronto. Durham Region is particularly attractive due to its affordability and value. Markham/Richmond Hill is gaining popularity due to improved affordability, and downtown Toronto remains desirable for its access to public transit and walkability, as well as its proximity to endless amenities and cultural attractions.
In terms of new construction trends, there is a focus on smaller condo units that offer desirable amenities like terraces, swimming pools, and fitness facilities.
According to the Toronto Regional Real Estate Board (TRREB), the condo market has become more balanced, with sales increasing but listings growing at a faster rate. This has led to a slight decrease in the average price, providing some relief amidst higher borrowing costs. The market conditions have provided more choice and negotiation power for first-time buyers, resulting in lower selling prices on average. While the market is expected to tighten in the second half of 2024, relief in borrowing costs (including interest rates) is anticipated in 2024 and 2025 due to population growth and market trends. This, coupled with a relatively resilient economy, should make home ownership affordable for more households this year and moving forward.
According to the Royal LePage Market Survey Forecast, the aggregate price of a home in Canada is projected to reach $843,684 in Q4 2024, with a 5.5% annual increase, while the median price of a condo will jump 5% to $616,140. The majority of price appreciation is expected in the second half of 2024, with modest quarterly increases in Q3 and Q4. The prediction is based on the assumption that the Bank of Canada has finished raising interest rates and will hold the key lending rate at its current 5% through the first half of the year. Modest interest rate cuts are expected to begin in the late summer or fall, potentially pushing home prices up.
Overall, this is good news for the Toronto real estate market. A rebound in home sales is anticipated, driven by lower borrowing costs and increased affordability. According to Phil Soper, the President and CEO of Royal LePage, with the right conditions, the market could return to mid-single-digit home price appreciation, which is a healthy long-term affordability level.
Despite the challenges posed by the current market conditions, according to a Leger survey commissioned by Re/Max, 73% of Canadians consider real estate a sound long-term investment. What do you think? Learn more about new condos and townhomes for sale in downtown Toronto by checking out BAZIS’ new communities.
Do you have questions about the Toronto real estate market? Connect with BAZIS on social media (Facebook, Twitter or Instagram) and let us know!
Taking a Look at Toronto’s Fall 2021 Real Estate Market Positive Outlook
The pandemic has been a turbulent time for real estate in the Greater Toronto Area (GTA) and Canada at large. Whether you’re contemplating purchasing your first new home or condo, moving to a larger home, downsizing, or investing in real estate, you’re likely interested in the market and in being kept apprised of the latest trends and developments.
According to the Toronto Regional Real Estate Board (TREB), total residential real estate transactions were down 18% last month compared to the year before (9,046 transactions in September of 2021, compared to 11,033 transactions in September of 2020), and total new listings were down 34% compared to last year (just 13,483 listings in September of 2021, compared to 20,441 listings in September of 2020). The sharp decline in listings and smaller decline in transactions shows that there is a lack of supply in the GTA real estate market, so it’s not surprising to see that the average selling price increased 18.3% year over year (for an average of $1,136,280 in September of 2021, compared to $960,613 in September of 2020). Listing days on the market have also decreased (14 days in September of 2021, compared to 16 days in September of 2020).
With new home and condominium prices on a steady upward swing – with no sign of stopping – the best time to buy real estate in the GTA is, as always, as soon as possible.
RBC’s latest Housing Trends and Affordability Report, which measures affordability based on ownership costs as a percentage of household income, rose to a 30-year high in the second quarter of 2021. In Toronto, the report shows that the share of income a household would need to cover ownership costs is, on average, 59.1%.
The share of income necessary to cover the costs of owning a single-family detached home in the GTA is rising rapidly, making this dream more and more difficult for families to achieve. Soaring demand for detached homes during the pandemic made these homes’ prices increase even more. Fortunately, owning a condo apartment continues to be a more affordable option for many families, young professionals, and empty nesters and downsizers. Semi-detached homes and townhomes are also great options that offer much more value than fully-detached single family homes.
The strong real estate market can make getting into the market a challenge, but is good news for home owners and investors. For those considering purchasing a home or condo, the time is now. Toronto’s real estate market is strong and will have many opportunities for sellers, buyers, and investors alike.
Do you have questions about the Toronto real estate market? Connect with BAZIS on social media (Facebook, Twitter or Instagram) and let us know!
Bartley Towns’ Exclusive Opening Is Here
The long-anticipated launch of BAZIS’ newest Toronto townhome community, Bartley Towns, is finally here!
Ideally located at Eglinton and Victoria Park within an established residential neighbourhood that’s also in the midst of a commercial and residential revitalization, Bartley Towns is the family-friendly Toronto community that many residents have been eagerly awaiting. What’s more, it’s an incredible neighbourhood to invest in.
Many Toronto residents have spent the last 16 to 17 weeks in some degree of isolation due to the COVID-19 crisis, and during this time have looked around the place they live and realized that they’re in need of a change. The new townhomes at Victoria Park and Eglinton, Bartley Towns, offer just that.
With access to the DVP north and south highway immediately adjacent to Bartley Towns as well as easy access to the new Eglinton LRT, the community is perfectly situated. The townhomes also offer incredible designs, beautiful finishes, and limited time exclusive incentives.
The Toronto Real Estate Market Is as Strong as Ever
In July 2020, we’re currently in the midst of what is really, for many, a surprising recovery in terms of the Toronto real estate market. In the past few months, we’ve seen a slow and steady recovery, with each month doubling the sales results of the previous month. June sales levels were back up to what would be expected pre-pandemic.
Post-COVID-19 Real Estate Market Recovered
With 8,700 resales last month, the real estate market shows that it has bounced back to the numbers that would be expected during normal times. These resales cover all product ranges and types, particularly townhomes, which have seen very strong demand and growth.
Pricing, too, has bounced back. Prices have risen between 10-14% the past month, reflecting the tight supply and high demand.
These numbers show that consumers are ready to buy. Although they’ve been sitting on the sidelines watching how the pandemic plays out, they’re now ready to jump into the market and buy. If you’ve been considering buying a new home or townhome in Toronto, now is the time to act – especially since supply is low and builders like BAZIS are now offering special incentives.
BAZIS: Rewriting Toronto’s Urban Story
BAZIS has a long reputation of designing luxurious living spaces with the utmost attention to detail. Being able to successfully combine visionary architecture and design with marketing and construction has turned BAZIS into a reckoning force in pronouncing the city’s landscape.
As a company, we’re known for creating contemporary luxury condominiums and homes located in prime neighbourhoods throughout Toronto.
“At BAZIS, we pride ourselves on design, quality and the prime locations of our projects,” says Veronika Belovich, Vice President of BAZIS.
Unique architecture and high standards of luxurious finishes are reflected in past and present projects which include Bartley Towns, Crystal Blu, Emerald Park, Exhibit, eCondos and 1 Yorkville. Each of these developments is crafted with exquisite design, superior location and elaborate amenities.
Welcome to the Neighbourhood
Bartley Towns is perfectly situated to meet the growing needs of today’s modern families. The townhome community is located on Victoria Park just a bit south of Eglinton and just east of the DVP, 600 metres to the Sloane LRT stop and about a 10-minute walk to Eglinton Square (which is going through a major redevelopment). Just beyond that, the famous Golden Mile has a Walmart, Joe Fresh, shopping, schools, restaurants and more.
Bartley Towns is located close to numerous public and private schools, libraries, community centres and parks with ample green space and walking trails.
Toronto’s newest townhome development has it all, including movie theatres, museums, grocery stores, and several public transit options.
Eglinton and Victoria Park Amenities
Check out our blog post “40+ Shops, Restaurants, and Amenities Near Eglinton and Victoria Park at Bartley Towns” to review a sampling of the existing amenities in this family-friendly neighbourhood.
The neighbourhood boasts 55 restaurants, bars and coffee shops in Victoria Village, and Bartley Towns has 17 schools within a 20-kilometre radius. It has a bike score of 57 – it’s minutes away from the safest and most enjoyable biking trails in the City of Toronto.
The community also has a strong walk score of 69 – leave the car at home and walk to shopping malls, restaurants and entertainment.
Bartley Towns’ strong transit score of 68 exists in part because residents will benefit from the brand new LRT, which is scheduled to be completed by May 2022 (well before Bartley Towns move-ins begin). The Eglinton Crosstown LRT’s development and construction represents an $8.4 billion investment and is set to be a major Toronto transportation artery in the near future. The LRT’s speeds average 28 kilometres per hour, which is up to 60% faster than travel now.
An Exclusive Collection of Just 84 Townhomes
The exquisite collection of just 84 townhomes are all freehold townhomes, which means that you own the home itself.
The townhomes share a common element – the roadway – and so there is a monthly maintenance fee, although it is very low at just $113.95/month.
Home Designs and Floor Plans to Suit Your Lifestyle
Bartley Towns’ home designs are ready to be explored. Elegant brick, stucco, and accent details are meticulously brought together in an interplay of delicate colours and timeless proportions. Expansive and refined windows frame park views from the inside, and charming front yard landscapes embellish your clean and sophisticated front entrance.
The floor plans are primarily 4-bedroom homes, with some having the option to go to 3 or 5 bedrooms. The homes feature multiple balconies and a lot of flex space so you can live in style and enjoy your time at home, every day. Flex space such as a den or home office allows you to customize your home to suit your lifestyle. The kitchen and family room are designed in an open-concept fashion, with different options available to give you various configurations, so you can choose the layout that suits you best.
The floor plans feature large bedrooms and bathrooms, with the option of turning one of the bedrooms into a more open-concept family living space if you only need 3 bedrooms instead of the standard layout of 4 bedrooms. Explore the 7 distinctive floor plans.
Luxurious Features and Finishes
Bartley Towns’ thoughtfully planned open-concept layouts are developed to complement your family’s desires and needs, making your home a distinct expression of your personal taste and style. Building on this, the homes feature luxurious finishes inside and out.
Distinct finishes include tall 9’ ceilings on every single floor, high performance laminate flooring on lower and main levels, beautiful natural-finished oak staircases, elegant quartz kitchen and bathroom countertops, ceramic tile kitchen backsplashes, framed glass showers, and much more.
The community features special incentives as well as an extended deposit structure, so get in touch with our sales team ASAP to take advantage of these limited time offerings (not detailed above).
Book Your Appointment Today
Please contact our sales reps John Ly and Nassim Heshami at info@bartleytowns.com or 416-639-8788 if you would like to make a virtual or in-person private appointment at our Sales Office (located at 250 Shields Court, Unit 1, in Markham). Signing of documents is available via DocuSign or in person. Deposits can be made via wire transfer or by bringing cheques to our Sales Office.
Bartley Towns’ move-in dates (closing dates) are scheduled for January 2023, and construction is set to begin in the spring of 2021.
Visit the Bartley Towns page to discover the home designs, explore the beautiful features and finishes, and to book your private appointment with our sales team today. And make sure to follow BAZIS on social media (Facebook, Twitter or Instagram) for more news, info, and the latest updates.
Everything You Need to Know About Toronto’s 2020 Real Estate Market Forecast
With Canada’s national housing supply being at the lowest levels seen in 12 years according to the Canadian Real Estate Association (CREA) and home sales rising 0.6% nationally from October to November 2019 (for the ninth straight month of increases), it’s clear that the Canadian housing market is on fire. Continue reading
A Positive Outlook for New Homes in Toronto this Fall
A generally positive fall is underway with a relatively strong real estate market in Canada. This is great news for those investing in real estate, which continues to show strength over the long term as a means to build wealth in Canada.
The Canadian Real Estate Association is reporting slight increases in September, with benchmark prices rising .5% in September over August and increases of 1.3% year over year. Continue reading
Toronto First-Time Home Buyers Could Get a Break
2019 Federal Budget Provides Incentives
A recent budget released by the feds may make buying a home a little easier for first-timers. Buying a home remains a solid investment in the future and millennials want to gain a foothold in the marketplace. This is particularly true in Canada’s biggest cities, including Toronto. Continue reading
2018 Condos Market Outlook in Toronto
While news headlines show dramatic changes in market conditions from 2016 to 2017, if one looks deeper, the picture is much more stable than would first appear. It’s important to note that 2015 and 2016 were not typical years. With an almost frantic pace fueled by low inventory, buyers scrambled to buy, resulting in bidding wars and a huge upswing in sales numbers. The activity seen in those two years make the return to more normal conditions in 2017 and 2018 appear much more dramatic than they actually are. Continue reading
Bazis 2017: a Year in Review
The New Year is close at hand, and everyone is running around getting ready for the holidays, preparing delicious meals and making plans to ring in 2018. This week, BAZIS looks back at 2017 and the year that was, in our annual year-end review. Continue reading