Metro Toronto house prices have accelerated significantly in the past few months, which has pushed more potential home buyers out of the detached house market. Condo apartment values have not kept pace with house prices.
During the pandemic, people upsizing were the first wave of buyers. They needed more space to work from home and segregated spaces for two parents to work and kids to learn. Following the acceleration of house prices (and weakness of condo values), many renters began to fear missing out on another home price rally. First-time homebuyers wanting to build equity have jumped into the apartment market.
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