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Your #1 source for Toronto Condos and Lofts
- View the latest condos and lofts in Toronto for sale, browse building
profiles and much more. The Toronto Condo Team offers expert advice
backed by many years of experience, whether you are buying, selling,
investing or renting. Call today and get started !
Buying a condo or loft in Toronto is a significant financial investment and as a result, can be a highly stressful experience. At The Toronto Condo Team we recognize that fact and want to help reduce whatever stress you might feel. We have worked with all types of Condo buyers and have an intimate knowledge of the condo market in Toronto. We'll walk you through the condo buying process and answer any questions or discuss any concerns you might have. Visit our Condo Buyer's section here
When you are selling your condo or loft there are many factors that come into play that you'll need to consider. Most Toronto Condo Agents charge about the same commission. The key to receiving the most money is getting the highest possible price for your condo. The only way to get the highest price is to expose your condo or loft to the greatest number of potential buyers. Only Re/Max Condos plus has a company wide marketing plan for all our listings in addition to The Toronto Condo Team marketing plan. That's why we can net you the most money for your Toronto Condo or loft. The 4 reasons why a condo sells are Location, Price, Condition of the condo, and finally the Condo Agent you select and how they will market your property. Visit our Condo Seller's section here
JANUARY 2010 Most Forecasters never look back - that's because they don't want you to look at their 'near' misses. Our 2009 Toronto Condo forecast called for more sales than in 2008 (and we told you that would happen in the second half of the year)! Everyone else predicted sales at 2001 levels (a big time recession). Who was right? We also recommend that you review our ten year forecast made in 2007 whereby we said condo and loft prices would double and the long term trend would be upwards with some pauses but not corrections along the way! WHAT TO LOOK FOR IN 2010 2) NO interest rate spikes this year. The Bank of Canada and Finance Minister are left with nothing but 'moral suasion' in an attempt to slow down this market. Our bank rates (variable) are not going higher until the U.S. raises theirs, and that wont' be in 2010. Fixed rates could move slightly higher if Governments start heavy borrowing in Canadian markets to cover their deficits. 3) DON'T get sidetracked by Canadian real estate markets. Focus on the Toronto condo market - particularly downtown. The bad news about the U.S. market is really centered on 4 states and 21 counties. I was recently in South Florida. Miami condos are a disaster (as everyone knows) but 5 miles across the causeway in South Beach, the market is still going strong - no foreclosures and rising prices! Why? There was no SPEC construction and there is a limited supply of product. So what happens in Vegas stays in Vegas! And that too is real estate. 4) HST (JULY 1ST) will impact the real estate market. First it will bring sales forward from the second half of the year and secondly, a new tax always causes consumers to stop spending on everything for a period of time. Remember the City Land Transfer tax and the introduction of the GST? After several months of complaining, Canadians will just get on with life, accept more taxes, and resume their spending habits. 5) Watch the average price per sq .ft. differential between the resale market and new Toronto condos. That will tell you where the investors are going. Seven years ago the differential was only $25 and investors poured into new projects. Over time the gap rose to about $150 per sq .ft. and investors moved back to the resale market. Investors returned to the new project market in the fall of 2009, when the differential had dropped to under $75. Today the average price for resale condos and lofts is about $500 and for new projects it is $600 per sq .ft.
2) The condo market in Toronto over the past five years has had few buying opportunities. One presented itself in the first half of 2009. (We reported in our April Report of '09 that the market had bottomed in the first week of February).The second opportunity for BUYERS will be this fall. Don't expect prices to drop but do expect prices to stabilize and 'multiple offer' scenarios to drop significantly. Besides the HST, a significant number of new condo projects will be registering in the second half of the year and we expect an additional 2,000 units will come on the market from investors (that is about a 3-4 months' supply) which will significantly reduce the listing shortage in the back end of the year. 3) BE A PLAYER IN THE
ASSIGNMENT CONDO MARKET (buying and selling condos or lofts before they
are registered) an often overlooked area by buyers and sellers. Sellers
can bring their property to market earlier (and beat the slowdown in
the latter half of the year) and buyers can escape from the 'multiple
offer' frenzy and move in earlier. To be a PLAYER you need a knowledgeable
realtor who knows how to structure the deal and you need a skilled lawyer
who knows how to close the deal!
#1 Toronto Condo Team. |
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