‘Its own little beast’: why Toronto’s condo market is still struggling
“The price correction, alongside steadily rising incomes, has helped roll back the pandemic-era affordability deterioration entirely,” the RBC Economics analysis said.
That’s a positive development for first-time buyers, Khaneka said, even if plenty of potential buyers are also holding out and waiting for prices to fall further. “I’m hopeful to see that prices coming down is creating opportunities,” he said.
“Are these first-time homebuyers and young professionals going to capitalize at this ideal entry point? I do see them doing so. I just don’t know how close we are to it or how long it might still take, given there are a lot of units out there.”
For renters hoping to buy a condo, the current market might offer their best chance in years. “It’s a perfect opportunity for people to get their foot in the market, build some equity, and then as they go into the next phase of life… they can always add on to that equity and ultimately use it as a stepping stone for the next purchase,” he said.
“Prices are back to pre-pandemic levels, and there are a lot of units still left, which puts the ball right back in the buyer’s court.”
