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There has been a snag in new construction. I honestly don't think that the prices will fall any further than they already have. There are far lesser bids for properties than they used to be. Most people are taking their properties off the market and charging higher rent.
If you can buy something and afford it, I recommend going for it.
Rising Star
Plus development fees in Toronto for new build went up significantly, so builders won’t be reducing their rates
Chief
If you got the $$$$$ go for it
Rising Star
People are buying even right now. You have better ability to choose what you want. Specially if you intend to stay there for few years
Rising rates only means you qualify for less (even despite any drops in pricing), it ultimately balances out. The positive is that there are less offers on units so you have a better chance of getting what you want and not getting into bidding wars. Source: my GF is a realtor focused on the downtown market, i literally see this everyday lol. DM if you want me to put u in touch.
With more rate hikes on the horizon wouldn’t it be better to wait and see how much more prices fall before buying. Assuming OP is buying a resale condo here.
Condos in Toronto haven’t fell much compared to the rest of the home types and homes outside the city. Likely wont fall much even with further hikes considering the majority of first time buyers are now in the condo pool. Increasing rent prices also make it more appealing for investors… all in all don’t bank on a huge drop, buy whatever you like if you can afford it and ride the wave.
Where? In Toronto you might be better off renting in the short term