Toronto's new Condo Market reported the lowest number of sales recorded since 1996. Only 917 new units were sold in the first quarter of 2009, a 73 per cent decline from the same time last year.

According to Urbanation, an industry analyst, some 36,255 Condo units are now under construction in the Toronto area however these Condos were pre-sold in 2006 and 2007 so the outlook is looking rather dim for future projects.

Toronto Condos that are brand new and now registered, continue to be in demand, with some purchasers bidding more than the asking price.

Toronto Condos for rent are also in demand with almost all the new inventory taken up by prospective renters.

Only two new Toronto Condo projects are going to be launched and offered for sale in 2009, compared to thirty six new projects in 2007.

The Toronto Real Estate Market has been hit with government taxes like the Toronto Land Transfer tax and now the new HST, harmonization tax that will add thousands to the purchase of both new and resale Condos in Toronto.

In 2007 all the big Toronto Condo developers were very quiet over the controversial vote on the Toronto Land Transfer Tax. I mentioned in my Blog of November 1st, 2007 "New Toronto Condo Tax/Land Transfer Tax" that is was short term benefits but medium and long term costs.

How did your Toronto City councillor and mayor, David Miller, vote on the this controversial tax..just click the above link..."New Toronto Condo Tax/Land Transfer Tax"..