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In the current Canadian condo market, particularly in urban centers like Toronto and Vancouver, sales have slowed, and developers have reduced new construction projects. This situation has led to a unique opportunity for potential buyers interested in larger two- and three-bedroom condominiums. Developers are eager to sell these spacious units, especially those nearing completion with unsold inventory, making them more open to negotiations and offering potential deals to buyers.

The overall supply of larger new homes remains low, as affordability issues have slowed the single-family home market, and townhome developments are not meeting the demand. Few new condo projects have been launched recently, leading to a temporary supply gap. Once the current inventory is sold, this shortage is expected to drive up both rents and property prices for larger condos, making now an opportune time to invest in these units.

Demand for larger condominiums is increasing due to factors such as housing affordability challenges, limited government support for single-family homeownership, and demographic shifts toward adult immigrants. This growing demand suggests that purchasing a larger condo now could be a sound investment, with the potential for property values to hold steady or appreciate. Additionally, the likelihood of finding buyers or renters in the future remains strong, given the anticipated continued interest in spacious urban living spaces.

Read the full article on: STOREYS