While the Greater Toronto Area’s spring market remains quiet by historical standards, a new trend is emerging: first-time homebuyers are stepping off the sidelines. After a 24% decline in average home prices since the February 2022 peak, entry-level buyers are finding opportunities, particularly in the condo sector. Recent data shows a 1.7% year-over-year increase in March condo sales, with many units around 650 square feet now priced near $500,000. Government initiatives, such as extended 30-year amortizations, are further boosting buyer affordability. However, experts warn that the market is far from a full recovery. Sellers in sought-after areas like Trinity Bellwoods still see bidding wars, while others struggle with unrealistic price expectations. With economic uncertainty and rising fixed-rate mortgages lingering, the market remains a tale of two realities: a cooling investment landscape and a growing window for those looking for a primary residence. For more details, visit the original article at thestar.com.
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