Global Economic Impacts on Toronto Condo Market

Global Economic Impacts on Toronto Condo Market


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Toronto Condo Market Remains Steady into 2013

The Toronto Condo market is not only impacted by events here in Canada, but also from worldwide events,  in countries as far removed as China, Russia, Iran, Singapore, Mexico, and the United States. When Condos prices go up in Toronto by a large degree, it’s possible that there has been some global upheaval that has caused money to search for a safe place to be invested and wait out the storm.


 That is why I predict that if the US Government goes over the Fiscal Cliff, the financial disaster caused in it’s wake will cause another outflow of cash from the United States and right into the banks of Bay Street, and the Real Estate of Toronto. Toronto is building it’s real estate value slowly and it benefits from the fact that it is an established Global City, and is relatively undervalued compared to London -Estate Agents  London , New York, Tokyo, and Hong Kong. As such money is getting a good return here in addition to being safely held.

Condo Sales Down 7% from Historic Average for November 2012


RealNet.ca stated that condo sales in the GTA were down just 7% in November, from their historic average compared to the long term sales of condos in the GTA. However compared to last year, which was a record year for condos, sales were down 59%. Although last year one must remember that there were a record 28,0000 condo sales in the Toronto area for the year. Condo Sales in the GTA were raised by the almost sellout performance of Tridel's Ten York development which has rocked the condo community back into action with it's sales performance. They sold 85% of the 694 units they made available to the public upon release of the development