Is this the right time to buy?
Summer has come and gone, and it was a nice one in the GTA as far as climate is concerned. As the Labour Day weekend kicked in, we felt the change in the temperature, and started putting away the short sleeves.
It’s a good time to reflect and be thankful for travel, reconnecting with friends and maximizing whatever time you could with family and those who matter most. It’s also a natural time of year to reflect on work, progress and betterment. To take the seasonal run before the shutdown again around the holiday season.
Home and condo builders, too, find themselves in a busy mode, with dozens of new projects opening this fall. A new buying and selling season is here. The cost of land, both in terms of processing and the mere outright cost of it, hasn’t gone down. There has been some slowing in the constantly rising price of new homes, in particular, and it was necessary. New homes aren’t inexpensive, with the GTA average now exceeding $1 million. Condo prices, meanwhile, have increased, as all the factors that influence their costs also continue to rise. Bottom line? New home pricing is not likely to improve any time soon.
In fact, despite our conservative outlook, there’s no reason to think pricing won’t continue to rise. It simply costs more to build and buy new homes. Supply seems far below adequate, and that hasn’t changed recently. Borrowing costs are low, rents are high, vacancies nonexistent, and the city is growing annually. Competition is fierce. The products we offer are extraordinary, a good testament to the efforts of so many in this world-class mecca of new home and condo development that we live in.
So, is this the right time to buy? You bet it is. It’s not going to get any better any time soon. Do your homework and do your shopping. Be ready to buy. Go for it!
Mark Cohen is a founding partner of The Condo Store Marketing Systems, a firm specializing in the design, marketing and sales of condo and new home communities in and outside of the GTA . condostorecanada.com firstname.lastname@example.org