The Toronto condo market is a great alternative to home
ownership if you are a first time real estate buyer or
looking to downgrade your current real estate investment
due to changes in your personal finances or other outside
factors. As each year passes, condos are eating up a larger
share of the total Toronto real estate market with no end
in site.
With the Toronto condo market hot, many construction
companies have helped to fuel a condominium construction
boom in the GTA that has been under way for more than 7
years now. The result of all of that construction is a
massive influx of people moving into the downtown core to
live and work.
An interesting fact: Toronto is the top city in North
America for condominium construction and availability.
Clearly the people of Toronto as well as the new home
construction companies working there are telling us that
the people of Toronto are looking for more affordable ways
to live downtown.
The median price for a condominium apartment last year was
$225,000 compared to $210,000 a year prior. While average
condo prices may be rising this number is clearly much
lower than the average cost of a new home in Toronto.
The number of home sales in the downtown core, when you
include new and resale condominiums in the mix, greatly
exceeds those in the other parts of Toronto and also
experiences more competition from buyers helping to drive
up the prices for real estate in the downtown core in
general.
Buying a condo does not have to feel like "settling for
less" as most condos come with first rate amenities such as
a sizable terrace, a great view, a true loft, a location
close to public transit or perhaps even a swimming pool or
gym in the building.
If this is your first foray into real estate ownership or
you are an existing homeowner who would like to reduce
their debt load you can have confidence that investing in
the Toronto condominium market will be a smart investment
decision.
Toronto has certainly earned it's reputation as North
America's top condo market with over 260 projects planned
or already under construction in the city's census area.
"Deteriorating affordability levels in major Canadian
centers have led to the resurrection of the condominium
lifestyle in recent years," said Michael Polzler, executive
VP of Re Max Ontario-Atlantic Canada.
With the cost of homes and shelter skyrocketing in a
seemingly never-ending climb upwards condominiums can play
a vital role in bridging the gap for people who would like
to make a real estate investment in the city but cannot
afford to buy a home. This option is especially attractive
to first time buyers that do not have a large family
already in place with specific needs like ready access to
schooling.
While condo prices may be heading upward, there is still
opportunities for the bargain hunter to find a condominium
in a nice neighborhood for less than $125,000. The advent
of the internet has made finding these bargains easier than
ever with the MLS as well as private sale real estate sites
easy to access.
With record sales in 2007, forecasts for the 2008 Toronto
real estate sales market are lower than 2007 record levels
with average prices expected to rise at a slower pace.
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To view Toronto real estate and condo listings please visit
the author's website: http://ontario.propertysold.ca/toronto
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