Based on Condo sales for the month of March in the city of Toronto, they are up, more than double compared to 2013 as new projects spike interest and demand. The first quarter sales for condos were up by 68% to 4,962 units purchased. Prices per square foot are in the range of $548 dollars, averaging a typical space of 797 sq ft. This was data collected from RealNet Canada INC.
Toronto is home to the most pre-construction condo developments in all of Canada. Of course this has sparked many debates on whether or not there is enough demand for the amount of supply being offered. Based on the statistics for the month of March, that answer would be yes. Bases on the demand for the supply, we are heading towards a good spot with no condo crisis foreseen. Units are also said to becoming more expensive in the next 12 months, so be sure to buy now if you are in the market for a city condo.
Contact Robert Clancy today to see if your mortgage needs fits the need of a condo!