The Real Estate
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Toronto Condo Market Remains Steady into 2013
Global Economic Impacts on the Toronto are defined through
the rates of interest we pay on loans for credit cards and mortgages. When
there is global uncertainty regarding the economic conditions, the Bank of
Canada has to lower interest rates here in Canada to prevent us from going into
recession, this has a dual impact of also heating up our home building sector.
Which the Bank of Canada wants to keep cool, as it believes Canadians are
deeply in debt as it is.
However, I believe that the Bank of Canada has the
wrong approach when dealing with the Toronto Condo market, and it’s heavy
handed attacks on Toronto negatively impact communities outside Toronto, that
are looking at ways to kick start their economies. This is particular and true
in Western Canada with a red hot economy, and the Atlantic Canada region where
the economy is not hot, and even shrinking, yet the Bank of Canada makes it
harder for people to buy homes, who can barely afford homes in the first place.
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
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
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