This year began as a buyer's market for the Toronto Condo and since it is considered to be a vulnerable market, it's been watched closely. A recent report stated that the Toronto Condo market is on solid grounds with over 36,000 condominiums currently under construction. 20edwardstcondos.ca
Condo Market on the Rise
The likelihood of oversupply of condominiums on the market are very less, as the number of condos being integrated recent months was less than usual. The sales of new condominiums shot up sharply in March which brought back expect 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 very least threat of some of these possibilities.
Bridging the Gap
It was reported that 36,255 units were under construction in Toronto. But these are the buildings that arrived to market in 2006 and 2007. Once every one of these condos can be purchased, funds will be 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 not be postponed for a long time.
The issue to date has been that buyers have been expecting a really low price while the sellers are awaiting last year's prices, which were greater than the present rates to return. Although it has started out as a buyers'market, it is predicted that the sales will pick up by late summer and some competition can be expected between buyers for some properties. www.20edwardstcondos.ca
Recovery in Progress
The Toronto Condo market is expected to grab and recover a great deal in the 2nd quarter of 2009 whilst the economy appears to be rebounding. At first 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.