The resales have increased by 18.5% compared in August to last year.
Sales of condos increased by 24% compared to July 2008.
The Downtown core confirms its attractiveness with a 33% growth from last year.
In August new condominiums sales rose up to 25% from last year.
The rental market remains strong and very tight. 245 one-bedroom units were leased Downtown, from a low of $1400 on average without parking to a high of $1700 for a one plus one with parking. This was the biggest month for two bedroom rentals this year with 138 units changing hands. Prices ranged from $2000 – 2200. There are also more bachelors on the market with prices averaging $1250 to $1350 for parking. An interesting trend is that units with parking are staying on the market for 15 days while those without are staying on the market for 25-30 days before renting.
What are the reasons for those rebounds ?
-First the following the financial crisis many builders cancelled condos so demands exceeds supply.
-Following the financial crisis, interest rates remain low in order to boost the economy.
Sales Representative, Your Choice Realty Corp
885 Don Mills Rd suite 104