In 2010 began as a buyer's market for the Toronto Condo and since it's believed to be a vulnerable market, it has been watched closely. A recent report stated that the Toronto Condo market is on solid grounds with over 36,000 condominiums currently under construction. useful reference
Condo Market on the Rise
The odds of oversupply of condominiums available in the market are extremely less, as the number of condos being built-in the past few months was below 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 combination of the three metrics: unsold inventory, apartment rental vacancy and cost of renting over ownership. Toronto, along with Vancouver came out to be at least risk of these possibilities.
Bridging the Gap
It absolutely 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 each one of these condos can be bought, funds will undoubtedly be designed for building new ones. This gap involving the completion of condos and their sale is apt to be bridged soon as both buying and selling condos can't be postponed for a lengthy time.
The issue up to now has been that buyers have been expecting a really low price as the sellers are looking forward to last year's prices, which were higher than the current 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 may also be expected between buyers for some properties. this page
Recovery in Progress
The Toronto Condo market is expected to pick up and recover a great deal in the next quarter of 2009 because the economy seems to be 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.
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.