Toronto's Unstoppable Condos

Toronto's Condominium market shows no signs of stopping, let alone slowing down.

These new Toronto Condos begin with a sign on a property:

1. A great Condo sales office appears
2. A fence is erected
3. Digging starts along with the installation of big crane
4. The new Condo appears at street level
5. It zooms upwards
6. Glass windows appear
7. Topped off, the building cranes disappear
8. Residents move in
9. The Condo is finally registered
10. Its over now only to start again quickly

According to Urbanation, a Market research firm, 16,000 new Condos are expected for the Toronto Census Area with 5.500 of these to be constructed in the downtown core.

Younger buyers, first-time buyers, empty nesters and second-time Condominium buyers are fuelling the Condo purchases.
With the positive state of the Canadian Economy investors are also driving the Condo market in Toronto to the the tune of 40-60 per cent in the downtown core.

The current average price for a new Toronto condo is between $500 to $600 per square foot.

The new waterfront neighbourhood of East Bayfront will provide not only new Condos but commercial and retail development.
Pictured above is the new Festival Tower Condos for sale or rent in the Toronto Entertainment District.

Related:

Toronto's Rising Condos, Hotels and Office Towers

Toronto Downtown Condo Rentals

The Toronto Downtown Condo Market is starting to heat up in several demand Condos resulting in multi-offers on many of the rental listings.

We were finally successful after bidding on four different Condos for rent and the fact that all our Credit Reports and Employment letters were already completed, helped a lot.

Our client for this downtown Condo rental was AAA as the listing required and we called the listing agent to see how we stood in the bidding, knowing our client was a well educated, successful Financial worker with the best credit, non smoking no pets.

We had the highest "cards" in this bidding war, so we thought.

"Can you beat a VP for a large Canadian Bank?" he enquired before we could give the agent our own clients information.We did not get that Condo rental, the Banking VP got that one.

Really it all comes down to Good Credit, Employment and Price.


Pictured above are the new Maple Leaf Square Condos for Sale or Rent.

If you are interested in Buying, Selling or Renting in the Toronto area please contact us here.

Available new and resale Toronto Downtown Condo Rentals.
$1800 - $2000 monthly

$2000 - $2500 monthly

$2500 - $3000 monthly

$3000 - and up

Toronto Condo Buyers Face Tougher Mortgage Rules

The Federal government is now focusing on Condominium borrowing with new proposed rules to make it more difficult to get a loan.

The new rules being considered would see 100 per cent of Condo fees added to the list of expenses rather than the current 50 per cent.

It appears that the government will reduce the maximum length of mortgage amortization to 30 years, down from the current 35 years.

Another more controversial proposal is to raise the Condo down payment to a minimum of 10 per cent rather than the 5 per cent now.

Noted that these changes would only affect Canadians who require default insurance if they have less than 20 per cent down.

It appears these proposed new changes will definitely affect the Toronto Condo Market by squeezing out a lot of first-time buyers.

Related:

Toronto Condos Outlook 2011

Toronto Downtown Condos (search)

Toronto Housing Market Charts-December 2010

Above, is the average home resale price, monthly time series since 1995, with a 12-month moving average trend line. The actual monthly MLS average price along with the 12-month moving average gives a very clear idea on the direction of the Toronto Real Estate Market. (Double click charts for bigger image..)

Here we have the average MLS resale home price monthly, with three previous years for comparison.

Above is the TREB MLS sales monthly with three previous years for comparison.

Toronto Real Estate Housing Charts.

We think the Toronto Real Estate Housing Charts will help everyone to understand the Real Estate Market just a bit better and not have buyers and sellers buy, sell, panic with current, negative media stories.

Click here for the complete Toronto Real Estate Board's Housing market Charts for December 2010.

Related:

Toronto Condo Ownership Increasing

Toronto Condominiums To Continue Dynamic Growth

Toronto Downtown Condos Pied-à-terre

What is a pied à terre?

It is French, for "foot on the ground" that means a small living unit located in a large city some distance away from someones primary residence. It just may be an apartment or Toronto Downtown Condos.

There are hundreds of Toronto Condos that can be used a pied à terre as a secondary residence or for part of the year or part of the work week.

Some buyers see Toronto Condominiums as their substitute for a Cottage without the drive.

Years ago we heard of a buyer from New York who bought a Harbourfront Condo with the express purpose of sailing and had his boat,berthed close to his pied à terre?

Yes, it works the other way as well. We had a client who lived in Muskoka and bought a pied à terre here in Toronto for family use, especially on weekends, perhaps to get away from all the Toronto Condo owners going North to Cottage Country on their summer weekends.

That pied à terre Condominium was conveniently located at Yonge and Sheppard, just steps to the Subway so one did not require a Car to travel downtown. All that Toronto has to offer in entertainment, great food and a multitude of Conventions are just a short ride away.

Pictured above are the Neptune Condos WaterParkCity available for sale or rent.

Downtown Toronto Condos pied à terre. (Under $200,000-$250,000).

Toronto Home and Condo Prices 2010

The Toronto Real Estate Market reported a healthy demand for Toronto Home and Condo sales for 2010.

Talented, well educated workers are choosing Toronto and the dynamic downtown areas of the Financial District and King Street West to live and work close by.

Even office buildings like the Telus Tower and Toronto's new downtown commercial Real Estate are all attracting new office workers in the sought after downtown core.

• Toronto and area home sales for December were 4,395 bringing the total home sales to 86,170-down by one per cent from 2009.


• The average resale 2010 price $431,463-up nine per cent from 2009


• December reported a price growth of five per cent


• Expectations for 2011 for the average resale price to be five per cent or below


• Mortgage carrying costs for the average priced GTA home should remain affordable in 2011

Related:

Toronto Downtown Condos

Financial District Condo Listings