It's no surprise that the condo market was hit the hardest last year due to the pandemic. With stay at home orders in effect and social distancing required, homeowners shifted their attention to larger lots and bigger homes causing a significant decline in condo sales. But that doesn’t mean the demand for condos is gone forever.
Which is why some people have been asking; are condos a good investment?
Shift In Demand
In the first quarter of 2020, condo price increases were outpacing single detached houses. New condo prices in Toronto were up 14.6% over the previous year while resale prices had increased by 8.5%.
Current data shows a different story. While condo prices are up year over year – month over month, price growth is not as…