Toronto Condos: The newsmedia animal thrives on explosive captions, The Globe and Mail gave us one today, only to scroll down and discover… well… nothing much… as I posted in recent article series Toronto Condos Spring 2008 Prediction, expect the low-end to slow down – mainly b/c young buyers have been out-priced off the market – not the first time I’ve said it’s happening.
Just about everyone I speak with is concerned about the Toronto Condo Market, and you should be, and who’s best for cheesy yet always accurate advice then Suze Orman: “Don’t spend money you don’t have!”.
Unlike other cities in the study, Toronto’s condo market hasn’t been driven by purchases made by people 55 and over, the report says.
“Rather, the appeal of Toronto’s condominium market has been its relative affordability compared with single-family and semi-detached homes,” the report adds.
Bumpy supply and demand has created big swings in the Toronto market recently, something expected to smooth out by the end of the year.
The median resale price in Toronto is expected to rise by 2.9 per cent in 2008 to $236,351, compared with a 7.6 per cent increase last year. direct link
Look, the stock market, and the realty market have been consistently inching upwards since invention, and unless we drop Capitalism all together they will keep growing at an average moderate pace: some years more, some years less, but overall, it’s alive and well.
The media is dying for good content and the inflated post tells us the story of Vancouver and Victoria, being so expensive people are running out of money to buy new, but in Toronto, all is well, it’s actually affordable and prices are with inflation.
Buyers – Sellers – Investors:
Get representation you deserve.
Yossi Kaplan, MBA
Sales Representative, Your Choice Realty Corp
885 Don Mills Rd suite 104