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Toronto Condo Market

By Linda Mitchell – Monarch Corporation

Toronto has the largest condominium market in North America. Last year, there were more than 16,000 condominium suites sold here, while Chicago saw only 6,800 sales, New York City 6,450 and Miami 7,500. There are now 245 new condo projects in Toronto with suites ranging in price from $112,000 to $12 million. To say there’s something for everyone is an understatement.

U.S. developers, designers and marketers are coming here to study the Toronto scene and figure out why we’re so successful. According to Jeanhy Shim, President of Urbanation, Toronto’s condo success story is likely to continue for quite some time, despite the fact that rising construction costs are slowly raising condo prices, and 2006 sales will most likely not reach last year’s all-time high. When a market heats up in this way, people worry about a crash like we had in the late 1980s – but the circumstances now are entirely different.

Urbanation is the market research firm that tracks the condo industry and compiles statistics. Recently, Jeanhy unveiled some of the latest findings, and the predicted continued strength of the Toronto market is backed by many factors including affordability, our healthy Canadian economy, low interest rates and high demand.

With an annual population growth of 108,000 (representing 44,000 households) in the GTA, the need for new homes and condominiums will persist. Intense competition means that prices cannot be raised artificially, so people buying condos are mostly end users, not investors. In the 1980s, there weren’t nearly the number of condo projects available, interest was a lot higher, and investors were inflating prices.

Toronto’s exceptional condo market is not a bubble that will burst at the first sign of change. The first quarter of 2006 resulted in nearly 3,800 condo units sold here, which is 34% more than the same period last year. This strong start occurred despite the 8% increase in prices over last year.

So what are you waiting for? You have more condo selection than ever before, in great locations with  affordable prices, a higher level of finishes including standards that would have been considered upgrades a couple years ago, and excellent value. Now is a great time to buy.

Linda Mitchell is Vice-President of Marketing, High-Rise for Monarch Corporation. In 2005, Linda was presented with the coveted OHBA SAMMY (Sales and Marketing Member of the Year) award. In 2003, she received the Riley Brethour Award acknowledging outstanding and consistent professional achievement in residential sales and marketing.

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