 Toronto Ontario Condo Market Comes of Age.The Toronto Ontario Condo market went through the roof in 2007. Yet in 2009, when the Canadian government has finally admitted we are in a recession, we see condo prices falling.In October 2007 the resale real estate market went up by 11%, and this was lead by an unprecedented number of Condominium sales.  The average price of a single family resale home in Toronto in the first two weeks of November was about $393,084, up 9% over last year, which is a barrier to entry for most home buyers. Condos on the other hand allowed many home buyers, as well as a significant number, about 30%, of first time buyers to enter the property market as the average sale price of a condo was around $280,000 for 2007. Although the 2008 Toronto market was down over last year it was still robust as the average price for a single family resale home rose to around $422, 163, for May 2008, up 3 per cent over last year. As of December, the average price in the city was $387,482 compared to the $425,842 recorded in December of 2007 and the $350,139 recorded in December 2006. For all of 2008 the average was $410,271. In 2007 the comparable figure was $412,480, and in 2006 $378,776. Many people look to the median prices for a more realistic look at the market place, as a result; the median price for December 2008 was $305,000, compared to $320,950 in 2007 and $290,000 in 2006. For all of 2008, the Median was $325,000, as opposed to 320,950 in 2007 and $299,000 in 2006. For those of you that decided to wait out the market, 2009 is a great time to buy since we are in a buyers’ market. Inventory or the number of properties available for sale increased 15 per cent in 2008 to about 27, 000 over May of 2007. This increase in available listings should keep price increases to the low single digits, and allow for greater deals during negotiations. The average condo now sells for about $394,000, yet this will be heading lower. However, while this might seem high, such prices are normally seen for condos in the hottest areas around the City, like Yonge and Eglinton. In 2008, 21,000 condo units are expected to hit the market and an additional 35,000 units are under development, according to Urbanation, a firm that tracks The Toronto Ontario Condo market. In 2009, many more condo units will be completed, and even more in 2010. I tend to be very practical when it comes to home buying. If you are looking to own a great condo in the city, then now is one of the best times to buy. No bidding wars, lots of choice, amazingly low interests rates, and greater ability to negotiate. Real estate is always a good investment, especially since you can live in it, and as condos becomes more affordable the downtown core will become more attractive. The thing to remember is that the Toronto Ontario Condo market will decline like most places in the world at the moment. However, the Canadian economy as a whole is doing better than all of the G7 nations. Why? We have the natural resources, and the world will come here to buy, which will keep this economy strong in the long run. Immigration is expected to grow at a steady pace, and people will always need somewhere to live. The condo market nationwide will look very attractive to new comers to Canada, and especially Toronto Ontario Condo market, more particularly the city of Toronto. Interested in a Toronto Ontario Condo? Contact me your buyers representative to schedule an appointment for any of your real esate needs.
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