Toronto has so many Condo projects that we wonder sometime what will happen with this level of supply but a recent report by TD Bank Financial Group says our Condo market should stay strong.
Factors that will move this market upwards are strong economic trends that include the urbanization of Canada and an aging population. Solid employment and current interest rates will also help greatly.
The fact that the price of a Toronto Condo is 33 per cent less than the average bungalow also is a great help. Immigration will also play a major role as over 70 per cent of arrivals settle in the major urban centres of Vancouver, Montreal and Toronto.
Future Toronto Condo resale prices are projected to increase 4.2 per in 2007/2008. Cities like Calgary in 2007 /2008 should go up by 15 per cent and Vancouver 10.5 per cent.
The prediction is the average Toronto Condo should be $249,888 at the end of 2007 compared to $239,816 in 2006. This is a very important price to consider as Real Estate experts advise to consider to buy at this average price range.
Over 16,631 Toronto Condos were completed in 2006, an increase of 20 per cent from the year before. Projections are that over 10,000 units annually are scheduled to be completed over the next few years in the Greater Toronto area.
Condos are the only option for some first time buyers and this affordability along with lower maintenance costs are some of the top reasons buyers are choosing Condos.
Good news for builders, buyers and sellers as sustained growth brings greater choices for homeowners and reduces risk from boom and bust cycles.
The attractiveness of Condos is evident in the recent strong activity recorded in most major Real Estate markets across Canada. Condos have moved from one-fifth of all new construction to almost one-third over the last several years.
A Toronto Condo is an attractive alternative to buying a detached home and affordability, location and choice is much greater. In all of my recent Blogs I have mentioned the great choice, affordability, locations and amenities that drive our Toronto Real Estate market and now is the time to buy
