Toronto Condos Rentals 2009

Uncertainty about the Canadian economy is taking its toll on home buyers across Canada and first time buyers stepping into the Toronto Real Estate market.

The Canadian Mortgage and Housing Corp's (CMHC) Fall 2008 Rental Market Report suggests more people are renting and that is pushing down the average vacancy rate in rental apartments and Toronto Condos that are rented out by investors.

According to the report

• The average vacancy rate fell to a seven year low of 2.1 %
• CMHC recent survey say 40% of first-time buyers intend to purchase down from 47% in 2007.
• Reduction in rental vacancies pressured price increase of 1.7% for a 2 bedroom apartment
• Delays in Toronto Condo construction is forcing tenants to remain in their current rentals longer.
• Vacancy rate for 2009 to remain unchanged.

With more new Condos coming on to the Toronto Real Estate Market the rental vacancy rate should increase as more tenants become home purchasers.

Toronto Downtown Condo rentals and North York Condo rentals can be found on our updated Toronto Real Estate and Toronto Condos web site that includes Detached Homes,Semi-Detached, Townhouses and Condominiums both new and resale.

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Toronto Condo Sales Drop 2008

The total Toronto Condos sales in December 2008 was only 198 units compared to 1,024 during the same period last year according to Realnet Canada Inc who track the housing market.

Industry experts do not have much hope for January or even February that the Toronto Condo Market will be much better.

Toronto Condo price cuts are slim however Condo builders will now have to offer special incentives to increase demand:

Condo upgrade packages
Free parking
Lower down payments
No maintenance fees for specified time
Special financing deals
Redesign of Condo suites
Smaller suites for lower price

Toronto resale Condos will prove more popular when the finished new Condos become fewer due to projects being delayed or cancelled.

This new buyer's Condo Market should bring back even greater affordability for Toronto Condo buyers.

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Toronto Condos And Homes Down 47 Per Cent

Toronto Condos and Homes were down 47 per cent from a year earlier reported the Toronto Real Estate Board.

Resales were 2,670 in January compared to 5,075 for January 2008.

Toronto Condo rentals helped push the number of rentals through Toronto Real Estate Agents to a 30 per cent increase.

The average home price in the City of Toronto dropped 10 per cent to $364,415 from $404,202 in January last year.

Updated prices for new and resale Toronto Condos for sale or rent can be found on our Toronto Real Estate website.

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