With the unprecedented shifts that took place in the GTA housing market in 2020, it seems that now is the time to snap up an affordable penthouse for sale in Toronto.
According to Toronto-based real estate platform Strata.ca, luxury penthouses are nearly $50,000 cheaper than they were in 2019.
Average value of a GTA penthouse in 2020
Strata tells Narcity that because of the pandemic, many people got nervous to enter the market, which led to an abundance of options for a smaller pool of buyers.
"When times are tough economically, it’s usually the luxury market that’s hit the hardest," says Strata's Broker of Record, Robert Van Rhijn. "We saw this happen in 2008, and then in 2020."
Now, luxury listings in the city are available for $700,000 or less — like this three-bedroom Etobicoke penthouse for $564,900.
This "rare" penthouse condo at College and Spadina is priced at just $629,900.
According to Strata, real estate professions predict that the luxury market will rebound when restrictions lift in Ontario and businesses snap back.
"That’s why homebuyers might want to take advantage of these cheaper penthouse prices now," says Strata.