In this time of economic uncertainty, a number of my clients are asking me when the best time to buy is and where I see the best opportunities for a Yonge and Eglinton condo purchase. The answer to that is easy – 2181 Yonge St and 2191 Yonge St. These 2 buildings represent one of the single best deals and opportunities in the area.
Inventory levels are high because the North Tower has only just been registered for a few months …..all the pre-construction investors/flippers have been caught in a changing market. As of today we have a total of 51 Condos for sale within both buildings. The vast majority of these are only in the North Tower (2191 Yonge Street). A great number of these owners are in a distress situation. As a buyer you need to take advantage of this opportunity!
What is this distress situation? These are vacant condos purchased solely as investments, these are people forced to sell, or who may have recently lost a job, or who purchased another property intending to sell quickly. Regardless of the reasons….this distress situation will not last forever and a buyer’s ability to leverage this against the owner will eventually pass. As distressed owners slowly sell off their condos, we will be reduced to normal inventory levels and return to a situation where owners can take their time to sell.
The problem is, these buying opportunities will not last forever and the time of price discounting will pass as normal market conditions return. Buyers and renters for these 2 buildings, 2181 Yonge St and 2191 Yonge St., have a window of opportunity to take advantage of great price discounts for a short period of time while inventory levels are high and before the spring market hits. We will have a buyers market for a number of months, however the inventory levels of these condos will not last!
Once the dust settles and our normal numbers of 10 or 15 condos available between the two towers is reached….then we will be back to a balanced market within the area. Yonge and Eglinton has a very stable condo market without an influx of competition. There are only a handful of great buildings within the immediate area. We only have a high surplus of condos at the moment because investors from Quantam’s North Tower are all selling at the same time. Another major factor to avoid is the seasonal trends of real estate purchases. More buyers take action during our spring market. The majority of buyers will be making a purchase during these months. As a smart investor, you want to avoid the crowds and take action while things are in your favour! Call me today to chat about current or future buying opportunities.
Let me help you find that great condo! Click on the link to view condos currently available in the Yonge and Eglinton and Yonge and Davisville area. Click Here to View Condos
If you have an interest in Buying or Selling a condo in the Yonge and Eglinton area and would like to discuss the current market, please fill out this contact form or call me directly at (416) 457-1722.