I was reading a great story today about a terrible article in the globe and mail last week that stated the Toronto Condo Market was coming apart at the seems, due to real states presented in misleading fashion by the editor in order to cause alarm in the Canadian Real Estate Market Place. It stated that all new condos coming online in the Toronto market would cause prices to collaspe, as there are 55,000 units due to complete over the next two years.
However, Toronto's downtown population is rising so fast, that now condo owners are jacking up rents, to the point at which they are now charging some $2500 dollars per month for rent in a standard two bedroom condo as noted in this Toronto Star Article. All things considered the Toronto condo Market is looking good, and there are voices of reason in this mess. Here is a blog that mentions the rational used in the globe and mail's misleading piece on the condo market and actually has some reason in it as well.
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Quote from the Article:
During our most recent review of the condo market we did not find a market coming apart at the seams. We found a condo market that has held up very well despite suffering a bit of a blow over the past eight months because of a mortgage rule change that is effectively a tax on condo ownership. Demand has remained strong and supply has not surged as many condo owners have opted to lease their condos rather than list them for sale. Condo leases were up 9% during the same period.Purchase These Real Estate EBooks Now!
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