It’s a fact that the COVID-19 pandemic has put a hindrance on sales within the GTA housing market. Corona Virus outbreak has reached over the entire world; it first started in Wuhan, China, on December 19. No one was thinking about its spread, but it happens as it’s an epidemic multiplies exponentially. If we discuss the scenario specifically in Canada, so the first case of COVID-19 was reported on January 15, 2020. The cases started increasing gradually from January, and most of the affected people were travelers. The number of cases amplified dramatically in March as the virus began to spread like the local transmission started from one person to another. Till now, there are over 60 thousand confirmed cases in Canada and, as it was the lockdown mode, but now according to the latest reports some provinces begin to relax lockdown restrictions slowly.
The condo market was doing well within the GTA in March 2020 before the shutdown officially started. But that good news and activities were in the first two weeks of March. Still, growth not expected to decrease anytime soon within the GTA. The reason is more foreign buyers attracted to Toronto, which is the most significant economic hub, and immigrants want to move to this city.
Why Invest Now?
Now coming back to the main topic that why should you invest amid this time of pandemic? There are different suggestions from the experts, and some of them given below:
Prices have Not Spiked
If you were thinking of investing, but you haven’t done, this is the best time to invest in the condo sector, condo prices have not spiked due to the competition amid the pandemic, and costs are estimated to remain stable for current inventory.
Also Read: Purchasing a condo: Newly built or Pre-construct?
Incentives for Buyers
Many condo developers are now offering some lucrative incentives for the buyers, such as free lockers, ability to purchase parking spaces that were not available before the pandemic. And some of the developers are even offering different extensions on deposit structures.
Higher Demand in Future
Once the current situation of Covid-19 is clear and consumer confidence returned, there will be a possible demand for condos, which can increase the competition in the market, and that can increase the prices.
Cost of Construction
The fact is that there can be a possible negative or positive impact of the current situation on the construction costs, which can affect the prices of condos in the upcoming years.
Do Not Wait
If you are still waiting until this pandemic end, you may not get the real advantages because pre-construction condos can have an expected hike in completion once the pandemic is over and the economy recovers.
If you are in search of Pre-Construction Condos in Toronto, then explore Condo Lobby.
Disclaimer: The content of this article is for informational, opinionated examples, and conceptual purposes only**