They may have made this change so that new construction buyers are able to close on their units instead of walking away from their deposits and defaulting on their contracts.
If you're wondering if it's a good time to buy a Toronto condo, there are a few factors that make now an appealing moment to enter the market. I anticipate another interest rate cut on December 11th, which could provide some relief for buyers and might even spur some competition as we move into next year. Currently, there are some solid deals on the market, especially if you find a seller who has flexibility. Many sellers are motivated right now, creating opportunities for well-negotiated prices and potentially better terms. By early next year, I expect market sentiment to improve, which typically draws more buyers and increases competition. This could lead to slightly tougher conditions for buyers. So, in my view, buying now positions you well to capture value before that shift happens.
1.5 M with 8.5% down, let’s give a generous 30 year term. Payments would be almost 7K per month.
They may have made this change so that new construction buyers are able to close on their units instead of walking away from their deposits and defaulting on their contracts.
So is now a good time to buy?
If you're wondering if it's a good time to buy a Toronto condo, there are a few factors that make now an appealing moment to enter the market. I anticipate another interest rate cut on December 11th, which could provide some relief for buyers and might even spur some competition as we move into next year.
Currently, there are some solid deals on the market, especially if you find a seller who has flexibility. Many sellers are motivated right now, creating opportunities for well-negotiated prices and potentially better terms. By early next year, I expect market sentiment to improve, which typically draws more buyers and increases competition. This could lead to slightly tougher conditions for buyers. So, in my view, buying now positions you well to capture value before that shift happens.
no one wants tiny shoeboxes with interior bedrooms and no parking no lockers for $1500/sf
Good point, the market is really mismatched.