This season began as a buyer's market for the Toronto Condo and since it's considered to be a vulnerable market, it has been watched closely. A recently available report said that the Toronto Condo market is on solid grounds with over 36,000 condominiums currently under construction. my review here
Condo Market on the Rise
The likelihood of oversupply of condominiums on the market are extremely less, as the amount of condos being integrated the past few months was lower than usual. The sales of new condominiums shot up sharply in March which cut 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 to be at the least risk of these possibilities.
Bridging the Gap
It was reported that 36,255 units were under construction in Toronto. But these are the buildings that arrived to market in 2006 and 2007. Once all these condos can be bought, funds will soon be designed for building new ones. This gap involving the completion of condos and their sale is probably be bridged soon as both buying and selling condos can not be postponed for a long time.
The situation up to now has been that buyers have now been expecting a very low price while the sellers are waiting for last year's prices, of greater than the present rates to return. Although it has began as a buyers'market, it's predicted that the sales will get by late summer and some competition can be expected between buyers for many properties.
Recovery in Progress
The Toronto Condo market is expected to get and recover a great deal in the 2nd quarter of 2009 since the economy is apparently rebounding. Initially of the season, the Toronto Condo market was so bad which 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 the right track and steadily gaining momentum. get redirected here
The Toronto Condo market was so bad which 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.