Looking Back in 2018, Looking Forward In 2019

By: Gloria Yeung

Looking Back in 2018, Looking Forward In 2019

Tags: #TorontoRealEstate 

HAPPY NEW YEARS EVERYONE!
"As some of you may know, I am a ‘Tim Ferriss’ fan!  He is a very successful entrepreneur who recommends in his blog that people ditch the old fashioned new years resolutions and instead do a half an hour review of the previous year to see what brought them the most joy, then double down on those activities to make the next year even more meaningful!"

Here are two things hat brought me a lot of joy in 2018.
1. Making it to #1 at my brokerage of 200+ Agents!
2. My trip to Kenya and Cape Town!


With that in mind, for 2019 I plan to...
1. Give back and show my gratitude to all of you who made 2018 so memorable and successful. I will be sharing my real estate thoughts, tips and knowledge about the market. I will also be doing quarterly and annual giveaways for most referrals! All referrals count!

Here's How to Qualify:
2. Be more in touch with nature. I've had the privilege to travel to 80+ countries, and Cape Town and Kenya made it to #1 and #1A on my list of top destinations because of their picturesque landscapes, amazing wildlife and variety of things to do outdoors. (We had really awesome travel guides for our trip, if you want their information, message me and I'll pass it along!)
Back to Business!

Toronto Condo Market 2019 Predictions

There is increasing supply in the horizon but this supply still falls short of meeting the demand from first time home buyers, new immigrants, millennials, students, local and foreign investors. The graphs below show that there is an increase in new construction but those units will not be ready for occupancy for another few years. Meanwhile, the population in Toronto is expected to grow as the city continues to be a top destination for immigration given its diversity and job opportunities.
 
*To download the condo market market report for third quarter 2018 Click here.

The Toronto downtown rental market remains very strong. With a vacancy rate of 1.6% and continued high demand, rents in the downtown core are expected to increase, though not to the levels seen in 2018. Growth is expected to stabilize to more sustainable levels in response to rent control, increase in completed new units, and the mortgage stress tests. Of note is the new regulation that came into effect in November 2018, exempting from rent control new units, and any older units that were unoccupied as of November 15, 2018. This is expected to create new supply of rental units. There are also a number of projects expected to be completed in 2019 (e.g. the Britt condos and Wellesley on the Park on Bay street, Dundas Square, Grid, Massey Tower, King Blue).

Toronto Downtown Condos is still a draw:

  • Condos are increasingly becoming the only affordable product for many first-time home buyers and millennials.
  • Centrally located condos are desirable for their proximity to work, university, entertainment and accessibility to public transit.
  • Condos continue to be affordable to foreign investors as compared to other international markets (i.e. Australia, U.K., U.S, Hong Kong ). Below is from https://www.globalpropertyguide.com/
  • Condo rental vacancy remains low creating high demand and generating better returns.
  • As an alternative for investors turning away from the uncertainty that has grappled the capital markets.

Should you buy a condo?

Demand for condos is rising. The Toronto economy is strong and positive.  Rents are rising.  At some point, you have to jump in. So my advice is if you've been sitting in the side lines, 2019 maybe the time to jump in. 
Let 2019 be the year where all your dreams come alive!

New Year!
New Moments!
New Adventures!
New Lessons!
New Memories!
New Challenges!
New Opportunities!