TORONTO CONDO MARKET UPDATE

16.43.00  citra   Label:
Toronto has the largest condominium market in North America. Last year, there were more than 16,000 condominium suites sold here — Chicago saw only 6,800 sales, New York City had 6,450 and Miami, 7,500. There are now 245 new condo projects in Toronto with suites ranging in price from $112,000 to $12 million.

Strength of the Toronto market is backed by many factors including affordability, our healthy Canadian economy, low interest rates and high demand.

With an annual population growth of 108,000 (representing 44,000 households) in the GTA, the need for new homes and condominiums will persist. Intense competition means that prices cannot be raised artificially, so the people buying condos are mostly end users, not investors. In the 1980s, there weren’t nearly the number of condo projects available, interest was a lot higher, and investors were inflating prices.

Toronto’s exceptional condo market is not a bubble that will burst at the first sign of change. The first quarter of 2006 resulted in nearly 3,800 condo units sold here, which is 34 per cent more than the same period last year.

This strong start occurred despite the eight per cent increase in prices over last year.

So what are you waiting for? You have more condo selection than ever before, in great locations with affordable prices, a higher level of finishes including standards that would have been considered upgrades a couple years ago, and excellent value. Now is a great time to buy.

For more Toronto real estate news go here - http://www.torontogreathomes.com

Metronews
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TORONTO CONDO MARKET UPDATE
TORONTO CONDO MARKET UPDATE
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