Tuesday, December 25, 2012

Supply Imbalances in Future Toronto Condo Market


New Toronto Downtown Condos
New Toronto Downtown Condos

Toronto Condo Market Unsold New Condominiums

The Bank of Canada in their recent Financial System Review warned of potential future supply imbalances in the Toronto Condo Market.

The Bank noted the number of unsold new Condominiums in Toronto has doubled to 14,000 over the past year.

Resales in the Toronto Home market have slowed after steady increases in the past however the average price for a Home has flattened but not yet falling as many have predicted.

New Toronto Condos, 147 of them are under construction in the city, more than anywhere in North America, including New York City that is three times bigger in population than Toronto.

And these Toronto Condo Buildings are growing taller with 15 buildings at 150 meters high, now under construction.

By building more and more downtown Condos, Toronto is reaching into the future bringing people back into the city and fighting urban sprawl at the same time.

Even the new Toronto Commercial Office Towers are locating downtown and attracting more residents and employees to the Toronto Financial District.

Similar Condos in this area can found here in Toronto Financial District Condo Listings.

Iris Li, is a Toronto Remax Condos Realtor who specializes in Toronto  downtown Condos, Condominiums and Lofts.