Consumers are becoming nervous in buying Toronto Condos in this time of uncertainty.
Rumours abound about financing and how the Toronto Condo Market can continue to be built by developers big and small.
Consumers have reason to worry with the terrible stock markets, the world financial crisis and the Toronto Real Estate Market beginning to slide in average price for the first time in a decade.
According to Urbanation, a Toronto research firm, there were 22,654 Condominiums sold in 2007 with a further 16,000 Condos to be sold in 2008.
Toronto's new Condo projects still are bigger than New York or Chicago.
The Toronto Condo market is supplying about 30 per cent of new units to investors who upon completion rent out their units. Demand for rental accommodation in new Toronto Condos is still quite strong in the downtown areas.
As the credit crisis continues it is sure to consolidate various Condo projects now and in the near future.
Buyers will have to decide who to go with, a big name in Condo development or a smaller player in the Toronto Condo Market. Purchasers want to know that the Condo project they are buying will actually be built.
