Toronto Condo Sales Hold Firm for July 2012

Cityplace Condos at Bremner

Toronto Condo Market Holds Firm





Well what do the doomsayers have to say this morning, Toronto condo sales held firm in the month of July 2012 with 1415 new units being purchased. That's down slightly for last year's record breaking pace but nothing to be worried about. All those wondering when a South Florida Style Meltdown will occur will have to keep waiting. It reminds me of that old proverb, if you say it a million times, and say it forever, eventually you'll be right. So keep wishing.



Here is an exerpt from the full report seen here.

In July, new home buyers scooped up 1,415 new condos across the Greater Toronto Area, compared with 1,616 last year. Meanwhile low-rise home sales fell to 851 from 1,198 in 2011

Toronto-area condo sales were above their long-term average in July, while low-rise home sales sunk to less than half the average, the Building Industry and Land Development Association said Tuesday.
Compiling data prepared by RealNet Canada Inc., the association said municipality intensification has pushed people into high-rise dwellings



National Post Report on Condo Sales


Well, too all the naysayers, there is always the August report to look to and see what impact if any the federal changes to home financing have done to damping the condo market here.






Getting a Mortgage and Mortgage Insurance through Aviva Canada for financing a loan to purchase at FIVE Condos is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at Aviva Canada include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from Aviva Canada is actually one of the major financing costs on home loans.