Toronto Condo Market Still Smokin!
By Anthony Longo 10 10 2007
The detached home has long been the dream of home ownership for many Canadians.
But higher interest rates and a steep rise in home prices over the last decade mean Canadians are increasingly turning to more affordable condominium housing.
Thanks to Toronto condo building, housing starts hit a 29-year high of 278,200 annualized units in September, up almost 20 per cent from August, according to figures released by the Canada Mortgage and Housing Corp. yesterday.
“The steaming hot Toronto condo market powered the volatile multiple units construction in all regions of the country,” BMO Nesbitt Burns economist Robert Hogue said yesterday.
In Toronto, sales of new condominiums have been particularly strong and are on track to beat the 2005 all-time record. Continued…
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I’m a real estate agent in Toronto and can say that people are aware of the fact, that increasing interest rates makes the loans more expensive. My clients have enough buying power, so they aren’t really inflluenced by increasing interest rates.
Market situation in Toronto is in my opinion really good now, so I hope the market won’t bounce back in the near future.