Wednesday, 16 April 2014

Hot Neighborhoods in Demand For Toronto Condos

Overall March turned out to be a pretty good month for Toronto Condo Sales, even as condo sales recover from 2013, which is one of the worst years in the past decade for Toronto condo sales.  The median prices have inched up about 2% in the year over year period and product supply has improved as developers have launched more than 40% new product this year than they did in the previous year which was forecast as being a down year for property sales from the get go. 

Condo sales and property sales will continue to be hottest for in demand neighbourhoods such as Yorkville, Southcore, St. Lawrence Market, Carlton-College-Yonge, and the Entertainment District. 

Average prices for condos in the core are now averaging around $400,000 dollars for medium sized units although deals can be had on smaller suites at pre-construction pricing. On the other hand developments in the outer ring of suburbs such as Scarborough, and North York can be had for less depending on factors such as neighbourhood and amenities such as nearby transit.

Condo sales for 2014 are already showing a massive rebound from 2013 which was the first major decline in the Toronto condo market seen since the boom began on the Toronto scene in 2001- 2002 year. 

Tuesday, 15 April 2014

With Massive Sales Sucess at Wellesley on the Park, and Yonge and College Condos the Toronto Downtown Real Estate Market is Back!

If you were hoping to purchase a downtown condo in Toronto in the near future you are in luck. There has been a flury of new development releases this year in comparison to the same time period last year, when condo sales were in a funk and developers were holding back product. Now the condo market looks to be in comeback mode and new condo releases have been testament to this new fact. 

Wellesley on the Park is currently in pre-sales and the word is that sales have gone very well before the official launch which is expected sometime later this month, or next. And that follows the blowout  success of the Yonge and College Condo which actually was 85% sold within the first week.

Those looking to own their own home face a far more difficult scenario, as the detached market moves further and further out of reach for prospective Toronto homebuyers with prices now over 1 million dollars plus for homes in the downtown core. Condos remain an affordable option with prices starting from the mid-$350 000’s and even less depending on where you are looking to purchase, and what kind of unit you desire to own.  Average listing prices for new condos in the Toronto area are now in the 350-400k market for new units in good buildings in desirable parts of town.

People tend to look at the track record of the developer in unloading new units to determine the sales success of the building. How fast, how many and for how much do the units go for? Before the massive recession of 2008-2009 when developers had to deal with higher interest rates this curtailed the ability to charge very high prices due to high interest rates, then when the market crisis forced rates downward, it made condo units more affordable, and prices went up as did the sales of Toronto condos. Now after three years of year over year sales improvement the condo market came back to earth in 2013, but look set to rebound for 2014.  

Monday, 14 April 2014

Downtown Toronto Condo Prices Continue to Inch Upwards

Condominium prices in increased in downtown Toronto on a year over year basis in March 2014, and this is especially true for high end executive and premium residences. These increases follow a few years of stagnant growth in the face of government initiated policy to slow and / or stop the Toronto condo market from overheating in the past few years previous to 2012, when the condo market was firing on all cylinders. 

The price per square foot of Toronto condos also has been rising at about an average of 1-2% year over year. And while that type of price appreciation may not be much in comparison to the price rises seen in the single family detached home market in the Toronto core, it is still better than the predicted crash which had been predicted for the city.

In downtown Toronto pricing for condo units has been averaging $400 to $500 dollars which is a relative bargain compared to prices in other global cities such as Seattle, Los Angeles and San Francisco where pricing for downtown condos is now averaging over $800 dollars per square foot, and condo product is in tight supply.  In fact both Los Angeles and San Francisco have seen such tight supply in their condo markets that they are both now constructing towers that are over 1000 feet, towers that would be taller than anything under construction or currently built in Toronto. These massive developments are testament to the room which Toronto still has to climb upwards in terms of pricing and inventory. 

Sunday, 13 April 2014

Work Continues on Yorkville Plaza

Construction Update

Aura Construction Update

The Aura Condo in Toronto as seen from Gerrard and University Avenue.

U Condo Construction Update

U Condos from the University of Toronto Campus

RCMI Condos Toronto | Construction Update

Toronto's condo market is extremely varied, ranging from the expensive Yorkville to the almost unreasonably affordable Parkdale but the RCMI Condo sits in the middle of this pricing spectrum.

Where its not out of reach like many luxury units. As well you will not have to scrimp on fine amenities as you would in a bargain basement unit. This condo is actually located right on the subway line at Dundas and University. (St. Patrick's, Subway Station) Its actually in the heart of the city's discovery district where there are many hospitals and research facilities that do everything from medical to scientific research.

The condo was developed by Tribute Homes and is built on top of the Royal Military College Institute. Prices Range from the $300,000's.