Video published on Instagram · 11,446 plays on Instagram · Transcript below
Takeaways
- Some Yorkville pre-construction condos sold in the $800s now list in the $500s.
- That gap hurts early buyers and opens a door for buyers today.
- Prices can still fall further, so the entry price matters more than timing the bottom.
Transcript
Transcribed from the video audio. Obvious transcription errors fixed where the intended word was certain; wording is Jim's.
So here's why I think it might be possible first-time homebuyers make their way back to the market. I'm in Yorkville today. You know in Yorkville there are luxury condos, brand new condos that were sold pre-construction in the $850s. They're now available in the $500s. So you know it's really the market is a tale of two stories.
For those who bought pre-construction it's really discouraging. They're gonna have to sit for a long time to recoup but for those who are buying now and there's some builder inventory left to buy something for $300,000 less. Well that feels pretty good especially to get into a neighborhood like Yorkville.
So are there opportunities out there? Yes, could prices go further down? Yes who knows but I'd far rather buy in the $500s than in the 800s. That's what's happening in the Toronto condo market right now in Yorkville.
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