Toronto Ontario Condo Market Comes of Age.

Condos on the other hand allowed most 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 Toronto market is down over last year it is 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.

However, Toronto Condos are still reasonable, and begin around $40,000 if you are not too picky about location. As a matter of fact, being just outside the heated downtown Toronto core is a very good strategy if you want to be in Toronto at all.

For those of you that decided to wait out the market, now 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 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.

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 condo development in Toronto.

Real estate is always a good investment, and as the city becomes more and more expensive to live in, some of the Condos outside the downtown core will become more attractive.

Interested in a Toronto Ontario Condo? Contact me your buyers representative to schedule an appointment for any of your real esate needs.