Investing in Toronto Condos
Once again Toronto Real Estate market bypassed last year’s forecast the last 2 months with values of housing sales nearly doubled to 3.5 billion in October 2009 compared to the same period a year ago. Unit sales were up 64% and the average price in the city was $423, 507, an increase of 20% on the year. Why the Toronto market remains so attractive for Investors ?
-Prices : Around $2000 sq ft for a condo in Manhattan against $500 or $600 in New-York, investing in Toronto is becoming a savvy alternative for new Investor and institutional investor. Indeed USA, Germany and Israel are the top 3 largest investor in Toronto Real Estate meanwhile people from Mainland China, Hong Kong, India or Iran are making their marks in the city and are contributing to make Toronto a world class destination. Interviewed by the TV a new immigrant from Middle East expressed its surprise to see how attractive was the Toronto Condo market compare to New-York where he was able to buy a one bed in the downtown core for $250,000 compared to $500,000 in New-York.
-Demography : Back in the 80’s 80% of Condo buyers were retired, now 80% of the Condo buyers are young between 25 and 40 years old.
-Economy : With low interest rates maintained through the year condos and houses sales have been boosted and according to the Bank Central won’t rise in in the first 6 months of 2010. With new projects like X2 Condos on Jarvis sold out.
-Modernity : River City by Urban Capital in the new neighborhood of West Don Lands will contribute to make Toronto the next Big City, the city that will evocate what a modern city needs to be about : With more than 20,000 residences in project, West Don Lands will be ambitious $ 50 billions revitalized project with 100% eco-friendly features. Other project like U Condos on Joseph Street or Shangri-La Condos on University are among the most sought condos for those who like luxury condos.
Therefore new projects like Maple Leaf Square, Murano by Lanterra or Boutique Condos by Urban Capital are set to be released and will be landmark in the city of Toronto. For all these reasons As Investors either local or global Investing in Toronto Condo Market is a great opportunity. We have solid and trustful relationship with builders if you are interested in Assignments and people in real estate industry thus you can count on us in order to get you the best deals in the condo market.
Yossi Kaplan, MBA
Sales Representative, Your Choice Realty Corp
885 Don Mills Rd suite 104
Specializing in Condos, Lofts, Investments and New Developments