Thursday, January 10, 2013

Condoland

The market for condos in #Toronto is always going up - until they fall and the evidence hits you on the head. Some predict that 2012 sales will fall 35% from record 2011 sales of 28,190. Mortgage rules were changed in 2012 and the maximum term has been reduced to 25 from 30 years. The other thing that has shrunk is the size of the units which have reduced their average footprint by approximately 100 square feet in the past five years.
Toronto has 134 high rise buildings under construction, higher than Mexico City which is the next highest at 88, and more than New York with 86 and 17 in Chicago.
It is estimated that 40% of investors in the condo market are foreign, while only 30% of buyers are planned end users of the units. Most buyers require capital appreciation to provide a profit with rentals unable to cover their monthly costs. With sales down the downward pressure on prices is a given, scaring off potential investors just as a massive inventory continues to come online in Toronto.
The skyline continues to change with new condos 
It is fun to watch them build the high rises

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