With house prices and sales falling in Toronto for a rough start to 2018, one of the shining beacons remaining in real estate is this condo market. Since the early to mid 2000s, the condo market in Toronto has boomed continuously, with only a brief blip in 2008-2009. Condo flipping, the practice of buying a condo early, preferably in pre-construction, and then selling it quickly after rapid price rises was de rigueur in Toronto from the mid 90s to the beginning of the dot-com bust and then again from 2002-2008, and was considered a safe and easy way to make money. The practice of course has continued after the 2008-9 recession, but by 2009 and 2010 the entry level price of buying a pre-construction condo had risen considerably.
Condo Market in Toronto Continues 30 Year Boom
Condo housing starts in February of the year rose 103% in Toronto to almost 64,000 units compared to the previous month, making it a record not seen since 1990. Condo demand has remained voracious; foreigners, natives, and retirees all buy condos in huge numbers. For a majority of first time home buyers, condos are the only reasonably accommodative venue to get real estate equity. Despite challenges, the condo market in Toronto continues its almost 30 year boom.