House Sales Trend in Toronto, Canada
Going around the city, you can also see the signs that read “Condo for sale” almost everywhere. Condo builders and promoters in Toronto may even find it challenging to cope with the demand of market in Toronto at times. There have been 67,984 condos in 316 buildings launched since 2004 in Toronto but the demands seems to keep rising as Toronto’s population has increased by 1 million over the past 10 years.
In fact, condos sales in Toronto held as much as 50.9% of all the single family residential sales in Toronto market in February 2008. Toronto alone had 23.5% of the whole market, followed by Toronto detached condos with 11.4%. Co-op apartments and Toronto condo townhouses each had 8%.
Moreover, first-time buyers are the major buyers in Toronto as this group of buyers are more motivated to own a condo in Toronto. Some of them, however, tend to purchase homes in the suburbs of Toronto because suburban homes are relatively smaller, but having only the factor of size in mind, can be quite misleading.
More buyers, either homeowners or first-time buyers, now would like to avoid long daily commutes in order to save more time as well as to conserve fuel. That is why there has been a shift from suburban sales to Toronto downtown sales. This shift simply indicates the factors affecting the sales trend in Toronto are not merely economical anymore, but are more related to the change in lifestyle and need for more practical ways of living. It is estimated that there will be 75,000 people to move into the city core every year for the next 20 years.”
To conclude, it would be safe to claim that if you are considering buying a homes in Toronto, and especially one in the core of downtown Toronto, the sales trend suggests that you are on the right track.
Courtesy : http://EzineArticles.com/1605995