This year began as a buyer’s market for the Toronto Condo and since it’s believed to be a vulnerable market, it has been watched closely. A recently available report stated that the Toronto Condo market is on solid grounds with over 36,000 condominiums currently under construction.
Condo Market on the Rise
The chances of oversupply of condominiums in the market are extremely less, as the number of condos being built in the past few months was below usual. The sales of new condominiums shot up sharply in March which brought back a cure for the Toronto Condo market. 6 cities were analyzed on the combination of the three metrics: unsold inventory, apartment rental vacancy and cost of renting over ownership. Toronto, along side Vancouver arrived to be at the least threat of these possibilities. www.20edwardstcondos.ca
Bridging the Gap
It was reported that 36,255 units were under construction in Toronto. But they are the buildings that arrived to market in 2006 and 2007. Once all these condos can be bought, funds will soon be readily available for building new ones. This gap between the completion of condos and their sale is likely to be bridged soon as both buying and selling condos can’t be postponed for an extended time.
The situation to date has been that buyers have now been expecting a really low price while the sellers are looking forward to last year’s prices, that have been higher than the existing rates to return. Although it has started out as a buyers’market, it’s predicted that the sales will grab by late summer and some competition can also be expected between buyers for a few properties. 20edwardstcondos.ca
Recovery in Progress
The Toronto Condo market is expected to get and recover a whole lot in the next quarter of 2009 while the economy appears to be rebounding. Initially of the entire year, the Toronto Condo market was so bad that they didn’t even bother advertising. With the improving economy and people getting back into buying and selling condos again, the Toronto Condo market is back on track and steadily gaining momentum.
The Toronto Condo market was so bad that they didn’t even bother advertising. With the improving economy and people getting back into buying and selling condos again, the Toronto Condo market is back on track.