Toronto, one of Canada’s main hub, is on a roll. Surpassing even the famous Big Apple, Toronto is world’s top spot for high-rise building construction. Has been for several years now. Right now, there are more are more than 100 projects underway in Toronto. This in itself is a testament to the budding economy of the city. Investors are flocking there, and Toronto’s condo market has reaped the benefits indeed. In 2012, around 17,000 new condo units were sold, breaking a very impressive record. Prices of units have skyrocketed over the past several years, piercing through the 70 percent mark. This speaks for itself about current condo development in Toronto.
Condos are currently in the spotlight. Exclusive residential properties are predicted to be the next big thing, considering the limited amount of land space available and the constantly rising population number. An expert mentioned that current residential high-rise construction in Canada comprises almost exclusively of condominiums. In the USA it includes a large proportion of rental apartments. Even downtown Toronto condos have been affected, hitting an average price of more than $300,000. That is quite insane considering its location.
People are racing to put a good portion of their lifetime savings in Toronto. Those who don’t want to miss up better shape up. Even pre-construction condos are selling like hotcakes. Condo developers don’t have to wait long for the funds to come in. All they have to do is put up the details of their prospective construction and wait as investors come flooding in. This is one of the many reasons why they just can’t stop building. The fruits of labor are simply too sweet to pass up. Even those unable to afford a purchase want in on the action, looking up rentals available in Toronto instead.
It is clear that current condo development in Toronto is on the rise. It probably will continue to be so in the near future. Of course, there are predictions about how oversupply will bring the market crashing down soon. But it is certainly showing no signs of it right now. Opinions vary, but no one can predict the future. There will always be risks, but there won’t always be prime opportunities.