Toronto Condo Market Still Looking Bright
by: NeonX
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2007 was a record year for the condo market in Canada. Across the country, the number of new condos sold was a whopping 22,654, showing an increase of 40% over the last few years, while the number of resale condos sold was up by 19% to 15,652. It was a great year, and analysts believe that the condo market will continue to thrive in 2008 - much to the surprise of some.
Can the market continue to achieve record levels this year? While some believe that the bleak economic conditions south of the border will hinder markets up here, others remain totally optimistic. Unlike the housing market in the States, no "crash" is predicted for Canada.
It seems that real estate across Canada, and Toronto in particular, will have another great year. Some reasons to justify this optimistic outlook include employment, demographics and how the real estate market is controlled in the country with a rigid system of checks and balances.
Employment levels are at the greatest they've been for years. In Toronto, the employment market is well diversified, with more jobs in "white collar" positions such as in the fields of insurance, finance and science.
Population in Toronto continues to grow, due to such factors as immigration and the formation of new families. Statistics also show that more and more families are splitting up and forming smaller families. And because condos are generally a more affordable alternative than a traditional house, it comes to no surprise that they are popular as a first home for those supported by a single breadwinner or who are on a limited budget.
Real estate conditions in Toronto look bright. Avoid falling prey to pessimism and take advantage of one of the best times to purchase or sell a condo in the city.
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