Canadian homebuyers, especially those looking for condos, may be entering one of the most favorable markets in recent memory. A recent report from Re/Max Canada reveals that condo listings are surging across the country, giving buyers more options than ever before.

But what’s driving this increase in supply? And how can you take advantage of this rare opportunity? Let’s break it down.

A Surge in Condo Listings Across Major Markets

While Toronto has long been at the center of condo market discussions, the rise in listings isn’t limited to Canada’s largest city. The Re/Max report shows that condo inventory has soared in multiple regions. For example:

• Toronto’s condo listings rose by 52.8% year-over-year by August 2024.
• Fraser Valley in B.C. led with a 58.7% increase.
• Calgary’s condo market saw a 52.4% rise, while Ottawa experienced a 44.5% boost in inventory.

Smaller markets like Edmonton, Halifax, and Vancouver also saw increases, albeit at lower rates ranging from 7.3% to 17.7%.

Why does this matter to you as a buyer? More inventory means less competition and greater negotiating power, a rare dynamic in the Canadian real estate market. For first-time buyers or those priced out of detached homes, this could be the perfect time to make a move.

The Opportunity for First-Time Buyers and Investors

Here’s the unexpected twist: while condos have traditionally been a first step into homeownership, they’re now becoming the “middle step” for many buyers, particularly in expensive cities like Toronto. As mortgage rates begin to stabilize and home prices soften, buyers and investors alike are sensing opportunities.

In Toronto, the average condo price is down 2% compared to the first eight months of 2023. But don’t be fooled — not all markets are seeing declines. For instance, Calgary’s condo prices shot up 15% year-over-year, and Edmonton’s prices rose by 4%, reflecting high demand due to interprovincial migration and investor interest.

And speaking of investors, Edmonton has emerged as a hotspot. Savvy buyers are snapping up older condos, revitalizing them, and renting them out for top dollar. If you’re an investor looking for long-term gains, this could be your moment to capitalize on a revitalizing market.

The Calm Before the Storm?

With Re/Max predicting a busier market come spring 2025, this might be the “calm before the storm” for buyers. Christopher Alexander, president of Re/Max Canada, suggests that aspiring condo owners have a short window of opportunity to act before competition heats up again.

Imagine this: You find your dream condo now, while prices are still soft, and by next spring, you’re sitting on an appreciating asset. It’s a scenario many buyers are hoping to realize — but it requires quick action.

Where Are Prices Headed?

While the current market offers a window of opportunity, where prices are headed remains a hot topic. TD Bank economist Rishi Sondhi predicts that Toronto’s condo prices could see further declines, possibly dropping by mid-to-high single digits through early 2025.

Similarly, RBC’s housing forecast also points to potential near-term price drops in Toronto’s condo market. So, if you’re eyeing a condo in the city, you may want to keep an eye on market conditions as further discounts could emerge.

What Does This Mean for You?

For buyers, especially first-timers and investors, the message is clear: the condo market is in flux, creating a unique opportunity to get in before competition tightens up. Whether you’re looking for a primary residence or an investment property, the current landscape offers multiple entry points.

Our team at the Daryl King Team has helped clients successfully navigate market shifts like this for years. We’ve seen the highs and lows, and our expertise can help you secure the best deal, whether in Toronto, Calgary, or any other major market.

Ready to Make a Move?

If you’re curious about the condo opportunities available right now, we’re here to help. Our experienced real estate team knows the market inside out and can guide you through every step, from finding the right property to negotiating the best price. Contact us today to get started on your condo search, or check out our blog for more expert insights into the GTA real estate market.

Explore Your Condo Options Today — Contact the Daryl King Team Now!