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 said that the Toronto Condo market is on solid grounds with over 36,000 condominiums currently under construction.
Condo Market on the Rise
The likelihood of oversupply of condominiums in the market are extremely less, as how many condos being built-in recent 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 combination of the three metrics: unsold inventory, apartment rental vacancy and cost of renting over ownership. Toronto, alongside Vancouver arrived on the scene to be leastwise risk of these possibilities. 20 edwardst condos
Bridging the Gap
It had been reported that 36,255 units were under construction in Toronto. But they are the buildings that came into market in 2006 and 2007. Once every one of these condos can be purchased, funds will soon be readily available for building new ones. This gap between the completion of condos and their sale is apt to be bridged soon as both buying and selling condos cannot be postponed for an extended time.
The issue so far has been that buyers have now been expecting a really low price whilst the sellers are looking forward to last year's prices, that have been greater than the existing rates to return. Though it has started off as a buyers'market, it's predicted that the sales will pick up by late summer and some competition can also be expected between buyers for some properties.
Recovery in Progress
The Toronto Condo market is expected to grab and recover a whole lot in the second quarter of 2009 since the economy appears to be rebounding. At first of the year, the Toronto Condo market was so bad which they didn't even bother advertising. With the improving economy and people getting back to buying and selling condos again, the Toronto Condo market is back on the right track and steadily gaining momentum. 20 edwardst condos Toronto
The Toronto Condo market was so bad which they didn't even bother advertising. With the improving economy and people getting back to buying and selling condos again, the Toronto Condo market is back on track.