March/April Remax Condo Report

When you think of Toronto, you think of CN Tower and some of the tall buildings going up around the construction cranes. Majority of these buildings are condominiums, in fact Toronto has a lot of them. It seems like every few blocks a new project is going up or a sales center is opening every two weeks. There is a reason for that, people want hassle free-living downtown.

In February 6,300 condo units changed hands. While that is 14% lower than the record-setting February 2010, it is still in line with previous years like 2006 and 2007 before the recession. Another reason for the sales decrease is that “new listings” are down 9%. You may even know someone who has been looking for something in Toronto for a while. Buyers are out there, just good supply is low. Many buyers are anxiously awaiting the summer market.

New mortgage rules have yet to really affect the housing market. Why? Simple, not many people were getting 35 year amortization anyhow. An interesting thing happened on March 18th anyhow. When the new rules came into effect, all the major banks basically lowered their rates to make housing affordable. This the government had very little control over. With interest rates not expected to go up until July, this summer is going to be hot.

As noted above, a lot of buyers want to live downtown. In fact sales numbers for downtown condos are at the same exact levels as in 2010!!! 9,500 units were sold in March 9% down from 2010, but yet again downtown numbers were the same. The condo market keeps out performing the single family home market in Toronto, and downtown condos out perform more outer city units.

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About wojciechpianka

After a few years of studying English and History at the University of Toronto, I decided to transfer to Ryerson University and pursue a Bachelor of Commerce degree. While studying, I worked various jobs where I acquired many skills. Starting as a teller at Scotiabank, I moved on to being a manager of a restaurant, admin staff at a medical clinic, a sales agent for INGDirect and a manager at One King West Hotel. While all these jobs challenged me, I never felt my potential being utilized. Finally in 2008, I completed the Ontario Mortgage Agent Course and signed up with The Mortgage Alliance Company of Canada. This was a great decision, as it allowed me to use the skills I learned working to help people achieve their real estate and financial goals. My passion for real estate and numbers has lead me to becoming a mortgage agent. Growing up in New York City, I always had a fascination of historic buildings and skyscrapers. At 21, I bought my 1st property and have been investing in real estate ever since. I firmly believe thru steady, safe and conservative investing a one can obtain long term financial wealth. One day, I hope to develop the same buildings I help clients purchase.
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