In 2019, the city's condominium market will calm down after a meteoric three-year growth, according to Toronto's largest developers. In September this year, the price hit an all-time high of $425,000. The segment's popularity skyrocketed amid a housing boom in the first half of 2017. Prices have declined since then, but remain markedly higher than single-family homes, which have been hit by tighter mortgage lending rules and rising rates.
According to Jane Renwick, vice president of marketing and sales at Diamond Kilmer Developments, The condominium market has peaked and prices will remain unchanged for the next two years. According to CentreCourt President Shames Virani, for the first time in two years, there are signs of easing, and that some developers are able to cut prices.
Despite the developers' forecast, prices are expected to rise in the long term due to supply constraints and Toronto's development outlook. The GDP of the city of 2.8 million over the past three years is about 3.4 percent, up from the 1.6 percent population growth, according to the city report.
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