Condos for Sale in Toronto
The follwoing information are for those looking for condos for sale in Toronto with the purpose of investment. Are you wondering if condos are a good investment in Toronto? Read on.
Condominiums are becoming more and more popular type of housing in Toronto.
The trend of the last decade, associated with the increasing popularity of condominiums in major cities in North America, primarily in Toronto, remains unchanged.
According to published data, sales of apartments in condominium in 2010 was almost 3% behind the record of 2007 with a total number of 37.041 apartments sold. This data includes sales of both condos in new condominiums (ie, from the builder), and apartments on the secondary market.
Toronto condo market played a significant role in enhancing the real estate market. According to the published data, the number of condos for sale in Toronto in 2010 increased by 20% compared 2009. In 2010, construction of a large number of new condominiums was launched, all of them together containing 18, 211 condo units, which is 2 times more than in 2009.
In general, in 2010, 286 condominium project were in the active phase of construction, all of which gives 73.953 apartments. By these indicators Toronto is ahead of all other North American cities. The average price of apartments in newly built condominiums for the year grew by 8% to $ 5,705 CAD per square meter.
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Initially, buyers of condominiums in the Toronto Downtown area were single people, childless families or young families with one child. For them, it was important to stay in Toronto downtown - either because of the proximity to work, or to the clubs, restaurants and other places of pastime. However, condominiums quickly became popular with other populations, and not only in downtown, but in other areas of the city.
When people look for condos for sale in Toronto, they face one dilemma - whether they should opt for a great location or a large area. A significant part of buyers opt for the convenient location. Condominiums have become increasingly popular among young people and people who are retiring.
Most importantly, the number of people looking for condos for sale in Toronto is not decreasing, but growing. In addition to the influx of immigrants, who are accustomed to living in high-rise apartment buildings, and for whom a condominium apartment is a natural housing, it the number of young specialists, who earn enough to have their own corner is increasing too.
Add to this a great number of Toronto residents who retire. After getting the well-deserved rest, many decide to sell their house to get rid of the hassle of taking care of it.
As an alternative, they choose a condo, killing two birds with one stone - they are free from the worries associated with owning a detached house and settle closer to the center of cultural life.
Given the fact that 2011 was the first year when baby boomers begin to retire, we can safely say that in the next few years, this factor will have a significant impact on the condominiums market and influence the investment attractiveness of condos for sale in Toronto.
Due to the growth of property prices and tighter mortgage loan rules, not everybody can afford to buy a detached house. In particular, young families that after the birth of a child prefer to move from a condominium into a detached house in the suburbs, can no longer afford it - so they will have to continue to live in a condo.
Those families who are currently only planning to buy something, will also focus on the purchase of a condo, because to date it is the most affordable housing, especially when it comes to downtown area.
In 2010, Toronto is in the active phase of construction of 286 new condominiums. In 2010, the number of condos for sale in Toronto totaled more than 50% of all sales of residential property. 10 years ago the number was less than 25%. It is obvious that the interest in Toronto condo market did not decrease, but only grows.
We can safely deduce from that that for the time being, condominiums in Toronto are highly attractive from the investment point of view. You should keep in mind, however, that renting out condo apartments in Toronto is not a very profitable business, primarily due to a small area and the need for monthly condo fee.
If you plan to rent out your apartment in a condominium, you need to carefully weigh all the factors to get maximum profit - take into account the location of the condominium, the number and the size of rooms, the amount of the monthly payments. You can read more tips about pros and cons of buying a condo in Toronto before you make your decision.
On Condos For Sale in Toronto I used materials written by Helen Riabinin, Sales Representative, Century 21 St.Andrew's Realty Inc. for Russian Toronto.