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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