Condo Real Estate Downtown Toronto
Genworth Financial Canada has just released their condo market outlook for summer of 2007 and outlook for condo real estate in Toronto looks good. Sales of Toronto Condos have been steady with modest price increases and this trend looks like it will continue in the near future. This is partly due to the still relative affordablity of condo units.
The number of new condominium starts slowed slightly to 13,300 last year but this is still the second highest since 1990. Condo sales rose 4 percent last year the average condo real estate price has risen 6 percent for the past two years. The Genforth report has predicted that sales of condo reale state in Toronto will ease slightly this year but then increase to 5-7 percent through the rest of their forecast period which is into 2010. This year prices for condo real estate are expected to rise 4 percent.
Affordability also continues to fuel the Toronto condo market due to the high price of single-fmaily resale homes. There has been some nervousness in the affordabilty of condo real estate in Toronto with Mayor Miller's annoucement of a proposed city instituted land transfer tax being added to the purchase of a property in Toronto. In an e-mail released by the city Councillor Fletcher pointed out that first-time home buyer would be protected by a rebate program. This may, however, come as little comfort to those who already own a condo unit and are hope to move-up into something larger in the near future. The tax increase could put those plans on hold.
If you would like to search for Condo Real Estate Downtown Toronto click the search area below. If you have any questions regarding any property you see please feel free to contact Ryan Roberts. He will be happy to assist in all of your real estate needs.
Search Condo Real Estate Downtown Toronto
