Could this be too good to be true? Not so says Barry Fenton, CEO of Lanterra Developments, the 4th largest condo developer in Toronto and the GTA.
“My prediction, and I’ve been pretty accurate to date, is we are going to have a 30-40% increase in values of the condo market in downtown Toronto over the next three to four years” says Fenton in a BNN interview he gave last week.
This could mean that the average selling price of a condo, now at $415,316 within the 416 area code, could jump above $580,000 by the end of 2018.
It’s Fentons’ view that developers are no longer able to find new development sites in the city which has drastically affected new condo starts.
“There is probably something like five or six months left of inventory and that will be absorbed very, very quickly,” Fenton said, “it is not the flavour of the month or flavour of the year,” he added. “For the past 10 years the market has been fantastic and it is only going to continue to grow.”
What the future holds only time will tell. The good thing is one of Toronto’s most prominent condo insiders is optimistic about the condo market which means our investments should continue to do well as they have for the past decade.
For more information about the Toronto condo market, give Ilan a call at 416-739-7200.
Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto, Thornhill and Vaughan real estate team.
For over 13 years, Ilan has provided more than 1650 buyers and sellers valued advice and service, enabling them to reach their real estate goals.
He’s kind of like the Bruce Willis of real estate.