Condo Sales in Toronto Up by 28% from Same Period July Last Year
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Its official! Toronto has hit the big time. We are now playing in the big leagues against giants like London, Miami and New York. As a matter of fact the Toronto market is the fastest growing in North America right now and 60% of new home sales in 2011 were from condiminimums according to the building industry and land development association (BILDA).
Figures from the Canadian Real Estate Association show that there has been an increase of 28% on the number of condos purchased in July in Toronto from last year. This is an exciting time to be involved in the real esate market in Toronto and with 40,000 additional condominimum units still under construction it's clear the excitement is not anywhere near bubbling point yet!
For potential buyers the news gets even better - prices of condos are down 2% from June in July and the Canadian Real Estate Group has increased its sales forecast for the remainder of the year in this bustling Canadian city.
The most surprising news is that 60% of these condo-buyers bought their properties straight off plans - before construction even began as investment properites.
Bottom Line? Toronto is the place to be, interest rates are low enough to be attractive to any type of buyer no matter your budget. The condo market in Toronto is crowded so dip that toe in the water and have a look!
Source of Figures: Wall Street Journal August 24, 2011
Planning on purchasing a condo in Toronto? Download our Condo Buyer's Survival Guide HERE!