This season began as a buyer's market for the Toronto Condo and since it's thought to be a vulnerable market, it's been watched closely. A recently available report stated that the Toronto Condo market is on solid grounds with over 36,000 condominiums currently under construction. 20
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Condo Market on the Rise
The odds of oversupply of condominiums on the market are extremely less, as how many condos being built in recent months was less than usual. The sales of new condominiums shot up sharply in March which cut back expect the Toronto Condo market. 6 cities were analyzed on the mixture of the three metrics: unsold inventory, apartment rental vacancy and cost of renting over ownership. Toronto, along side Vancouver came out to be leastwise risk of some of these possibilities.
Bridging the Gap
It had been reported that 36,255 units were under construction in Toronto. But these are the buildings that arrived to market in 2006 and 2007. Once all these condos can be purchased, funds will undoubtedly be designed for building new ones. This gap involving the completion of condos and their sale is probably be bridged soon as both buying and selling condos cannot be postponed for a long time.
The issue to date has been that buyers have been expecting a very low price whilst the sellers are looking forward to last year's prices, that have been greater than the present rates to return. Although it has started out as a buyers'market, it's predicted that the sales will grab by late summer and some competition can be expected between buyers for many properties. 20
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Recovery in Progress
The Toronto Condo market is expected to pick up and recover a lot in the second quarter of 2009 because the economy seems to be rebounding. Initially of the season, the Toronto Condo market was so bad which they didn't even bother advertising. With the improving economy and people getting back in buying and selling condos again, the Toronto Condo market is back on track and steadily gaining momentum.
The Toronto Condo market was so bad which they didn't even bother advertising. With the improving economy and people getting back in buying and selling condos again, the Toronto Condo market is back on track.
