Near Record Toronto Home Sales Forecast For 2009

Toronto Real Estate has been setting record sales recently however the comparison is to the Fall months of 2008 when the Market simply froze.

It started to pick up again starting in January, 2009 and has gained month over month for most of this year. It was not just the Toronto Real Estate Market but the rest of the larger cities like Vancouver, Calgary and Montreal followed as well.

New Toronto home sales like Condos and detached homes rose 97 per cent compared to the same period in 2008 according to RealNet Canada.

Not only sales were up in Toronto but the average resale price was up as well. The fact that there are fewer listings almost every month, has put pressure on available Toronto MLS listings resulting in higher prices.

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New Condominium Sales Increase 95% For September

New Condominium sales rose 97 per cent in September according to figures released by RealNet Canada to 1,365.

In comparison to September's 2008 lower totals, these new totals appear extremely high however in 2008 only 693 new Condos were sold.

The total new Home and Condo sales for September,2009, including the Greater Toronto Area were 3,883 compared to 2007 with 3,972 units sold.

Totals for September 2008, were 1,824 compared to September 2009 recent sales of 3,883, a 112.9 per cent increase.

Reasons for this this large increase in new Condominium sales were the numerous new projects on the market and buyers responding with their check books.

Pictured above on the right is a new Condominium project in the Bloor-Yonge area, The Casa Condos, and to the left is The Bloor Street Neighbourhood Condominiums. In the middle in the distance is The X Condos, all new projects in the same general area.

You can search further for Toronto Condos For Sale.

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Casa Condos Bloor Yonge

Casa Condos in the Bloor Yonge area are nearing completion. This Condo is huge from the street level, it can be seen from St Thomas St. in the West.

More and more new Condo Projects are going up in this immediate Toronto area. With the completion of these Condos the Bloor Yonge area will be transformed yet again.

We were surprised to see somewhat of a change on Yonge Street already for the good.
From the Casa Condos both Subway lines are easily available and there are many Toronto attractions with in a short walk.

Here are the most recent Casa Condos Listings in this Real Estate area.

Wether you are looking to buy or sell Toronto downtown Condos you will need an experienced and knowledgeable Toronto Remax Realtor to guide you through the downtown Condominium market.

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Experts Warn Against Impulsive Buying Of US Real Estate

The Canadian dollar is once more reaching for parity with the US Dollar. As a result buyers are again considering buying because of the strength of our dollar.

Condos in Florida are selling much less than they were a year ago and with housing crisis still ongoing a second home in Florida offers a real lifestyle change.

Florida, a popular destination for Ontario and Quebec natives is a favourite for people wanting to buy however taxes are very high for non residents and insurance for Hurricanes can be costly as well.

Canadians are also finding it difficult to qualify for a mortgage south of the border due to the recent sub-prime meltdown.

Even the American estate tax system taxes the estates belonging to non-US citizens so buyers have to be careful to develop an estate plan to ensure they are not left with a huge tax burden if they die there.

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Toronto Condo Rentals

Toronto Condo rentals including the GTA grew 32 per cent in the May to September reporting period compared to the same time frame a year ago according to the Toronto Real Estate Board.

The number of Toronto Condos for rent rose to 5,673 units up from 4,286 units.

MLS listings for rent were up 51 per cent but the average Toronto price for rentals was down.

The average rent for a one-bedroom was $1,439 a month down 2 per cent and two-bedrooms were renting for $1,873 a month off 1 per cent.

Toronto rental prices in the four Toronto Real Estate areas were:

Central:

• One-bedroom $1,502 down 4 per cent
• Two-bedroom $2,121 down 2 per cent

East:

• One-bedroom $1,222 up 1 per cent
• Two-bedroom $1,459 down 3 per cent

North:

• One-bedroom $1,297 down 3 per cent
• Two-bedroom $1,716 up 1 per cent

West:

• One-bedroom $1,304 down 3 per cent
• Two-bedroom $1,590 down 1 per cent

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Yorkville Condos Increase In Price

The Toronto Real Estate Board reported September sales number and resale price for the Central Districts including downtown Condos ( C01 ) up 10.7 per cent and ( C02 ) that includes luxury Yorkville Condominiums, up 45 per cent.

Buyers are back buying million dollar properties and many of these are Condos.

One of our buyers is looking for a bungalow in the ( C12 ) area of Toronto. Some of the bungalows sold for $1,450,000 are going for lot value only and once torn down and replaced the total expense could be $3,000,000 and up for a good location.

The super Luxury Yorkville Condos are influencing the resale market because of their higher resale prices. The fact that are fewer actual Condos sold and at a much higher price "alters" the average resale prices.

One of the most exclusive Luxury Yorkville Condos, The Hazelton, pictured above has units selling for $6,900,00 for 3 + 1 bedrooms, 5 washrooms and over 4,258 square feet in the trendy upscale Yorkville area.

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Toronto Real Estate September Market Increases

Toronto Real Estate resales in the Greater Toronto area were up 28 per cent for September, 2009, compared to September, 2008

Toronto Real Estate sales continue to outpace 2008 results with more buyers remaining confident in home ownwership according to TREB (Toronto Real Estate Board).

Year to date sales at 66,437 homes was up 4.5 per cent with the average price at $388,417 up 1.5 per cent in the first nine months.

The City of Toronto saw sales of 3,341 for September 2009, with the average price of $437,182 up almost 11 per cent from September 2008.

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