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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.

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• Make sure you are ready to buy a condo or loft.
• Get a mortgage pre-approval
• Educate yourself - Think about where you want to live, your lifestyle needs, your budget and style of condo.
• Hire an experienced Condo Agent or even better your own Condo Team!
• Be aware of hidden/ other costs of buying such as lawyer fees, land transfer tax, high ratio mortgages or occupancy fees, development charges for new condos.
• Make an offer, don't rush yourself but don't take too long either - good condos and lofts in good locations sell quickly in Toronto

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.

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WHAT TO LOOK FOR IN 2010
1) NO real estate 'bubble' this year! Some doomsayers are falling back on this tact after the failed sales crash of 2009 forecast. For anyone who has studied real estate trends, it usually takes three years of double digit price increases to produce the effect. And in the condo market we have had about 8 months so far!

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.

WHAT TO DO IN 2010
1) What are driving prices in this market are NOT cheap mortgage rates but rather a lack of listings and a race by buyers to purchase before the HST! Again this year will be made up of two markets. The first half of the year will be a sellers' market. SELLERS should list NOW or be prepared to wait until 2011.

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!