This conversation discusses the current state of the Toronto Real Estate Market, specifically focusing on the condo segment. The hosts analyze data on active listings and average condo prices over the past five years, highlighting the increase in condo supply on the market. They also explore the factors contributing to the resilience of condo prices, such as stress testing for buyers and the absence of forced sellers.
The conversation further jumps into the breakdown of condo inventory by unit type, including studios, one-bedroom, and one-plus-dens. The hosts provide case studies to illustrate the selling potential of different condo categories. They also analyze the inventory and average prices of two-bedroom condos, highlighting this category's surprising inventor levels. They discuss the impact of larger units on investors and the potential for a course correction in prices.
Ralph then shifts the conversation to the market's future, discussing the potential for interest rate cuts and the softening of the economy. He explains the relationship between fixed and variable mortgage rates and the impact of inflation on affordability. Ralph also discusses the decline in new home sales and the future inventory shortage. He emphasizes the importance of holding onto properties and the potential for million-dollar condos in the future.
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Speakers:
Ralph Fox (Co-Founder and Broker of Record at Fox Marin)
Kori Marin (Co-Founder and Broker at Fox Marin)
