Toronto’s condo market continues to remain steady in the early weeks of 2013.
Sales of condos in Canada’s biggest city fell only slightly 13.1% in the first 14 days of February, compared to the same period last year according the the Toronto Real Estate Board. The average condo price was also lower, falling by only 6.0% to 330,361 Canadian dollars ($325,960), Considering the doomsayers, the market looks resilient and if it can mainstain this strenght throughout the year we could be looking at more construction as news has broken that the INDX Tower which is almost 200 meters tall is set to begin construction
Indx Condo Project: The Financial District
This is the site of the proposed project by Harry Stinston called the Sapphire Tower, and before that it was the site of a proposed tower called the Graphic Arts Tower. In fact the base of the Current Condo rendering posted here is the old Graphic Arts Building which will also become a part of the Condo project when it's completed.
You are citing numbers for the GTA, in the city prices fell by 8.4% and sales went down by 14.4%. Back in the 80s, condos went down by 40% in the GTA, and now we are 14% above that peak. There is going to be a substantial drop in prices of shoeboxes in the upcoming years!
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