This season began as a buyer's market for the Toronto Condo and since it's thought to be a vulnerable market, it has been watched closely. A recent report said that the Toronto Condo market is on solid grounds with over 36,000 condominiums currently under construction. this page
Condo Market on the Rise
The likelihood of oversupply of condominiums on the market are extremely less, as how many condos being built in the past few months was lower than usual. The sales of new condominiums shot up sharply in March which brought back hope for the Toronto Condo market. 6 cities were analyzed on the mix of the three metrics: unsold inventory, apartment rental vacancy and cost of renting over ownership. Toronto, alongside Vancouver arrived on the scene to be leastwise danger of these possibilities.
Bridging the Gap
It was reported that 36,255 units were under construction in Toronto. But they are the buildings that came into market in 2006 and 2007. Once all these condos are sold, funds will undoubtedly be readily available for building new ones. This gap between the completion of condos and their sale is probably be bridged soon as both buying and selling condos can not be postponed for an extended time.
The situation so far has been that buyers have been expecting a suprisingly low price as the sellers are looking forward to last year's prices, that have been greater than the present rates to return. Although it has started out as a buyers'market, it's predicted that the sales will grab by late summer and some competition can be expected between buyers for some properties. 20edwardstcondos.ca
Recovery in Progress
The Toronto Condo market is expected to get and recover a lot in the second quarter of 2009 whilst the economy is apparently rebounding. In the beginning of the season, 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 course 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.