Condo boom for Toronto says RealNet

Monday, August 31st, 2015

Steve Randall

Presales data for condos in Toronto suggest that talk of a correction in the market is unfounded.

RealNet Canada says that almost 11,000 units were sold in the first half of 2015, the third best year on record.

With buyers choosing units nearing completion it’s helped ease the glut of unsold condos, which were far exceeding average levels at the start of the year and were highlighted as a concern by the Canada Mortgage and Housing Corporation.

Low interest rates providing reduced mortgage rates have many buyers decided that now is the right time to buy and one developer, Freed, told the Globe and Mail that it’s had its best year for two decades.

Peter Freed said: “We spent 10 years selling 2,000 units in King West and we’ve sold almost 2,000 units at Yonge and Eglinton in 24 months.”

Along with the favourable economic conditions for buyers, builders have also been increasing their incentives for new owners, including upgraded fittings, cashback and guaranteed rental schemes.

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