The number of condominium apartments in Toronto has increased by 172% year-on-year in December 2020, Zoocasa research has found.
There were 3,120 active condo listings available in the City of Toronto at the end of December, 1,972 more than last year.
Prices of condos have seen a slight dip, contrasting with a 10% annual rise in December 2019.
The C01 postcode – spanning Downtown, the Entertainment District, CityPlace, and Liberty Village – saw a whopping 219% increase in active condo listings.
Anthony Tomasone, a Zoocasa real estate agent in Toronto, said: “For buyers that are looking to get a foothold into the market and thinking about the long term, now might be a good opportunity to consider a condo, particularly in the downtown core.
“Compared to the same time the year before, buyers have more options and less competition, better prices, and lower interest rates – all favourable conditions for first-time buyers that may otherwise have been priced out of the market.”
This post has originally been featured in Property Wire.