This year began as a buyer's market for the Toronto Condo and since it is believed to be a vulnerable market, it has been watched closely. A recent report said that the Toronto Condo market is on solid grounds with over 36,000 condominiums currently under construction. this page
Condo Market on the Rise
The chances of oversupply of condominiums in the market are very less, as the number of condos being built in the past few months was lower than usual. The sales of new condominiums shot up sharply in March which brought back hope for the Toronto Condo market. 6 cities were analyzed on the combination of the three metrics: unsold inventory, apartment rental vacancy and cost of renting over ownership. Toronto, along with Vancouver came out to be at the least risk of any of these possibilities.
Bridging the Gap
It was reported that 36,255 units were under construction in Toronto. But these are the buildings that came into market in 2006 and 2007. Once all these condos are sold, funds will be available for building new ones. This gap between the completion of condos and their sale is likely to be bridged soon as both buying and selling condos cannot be postponed for a long time.
The problem so far has been that buyers have been expecting a very low price while the sellers are waiting for last year's prices, which were higher than the current rates to return. Though it has started off as a buyers' market, it is predicted that the sales will pick up by late summer and some competition can also be expected between buyers for some properties. 20edwardstcondos.ca
Recovery in Progress
The Toronto Condo market is expected to pick up and recover a lot in the second quarter of 2009 as the economy seems to be rebounding. In the beginning of the year, the Toronto Condo market was so bad that they didn't even bother advertising. With the improving economy and people getting back into buying and selling condos again, the Toronto Condo market is back on track and steadily gaining momentum.
The Toronto Condo market was so bad that they didn't even bother advertising. With the improving economy and people getting back into buying and selling condos again, the Toronto Condo market is back on track.