With the Toronto Real Estate Board reporting the sale of 6,266 single family homes in February, 2011 is starting off with very strong sales numbers. The strong sales as well as the shortage of properties for sale have resulted in an increase of the average sale price to $ 442,978 from 2010’s year end price of $431,463.
Based on the 10,518 sold in January and February, (two of the “slowest” months for home sales); it looks like we will have approximately 85,000 sales in 2011, making it another great year for Toronto real estate.
Continued immigration, foreign investment, growth in jobs and incomes and a declining unemployment rate, has kept the demand for home ownership strong, while at the same time remaining affordable so that the average person can still be involved in the market.
How can prices keep going up but stay affordable? Primarily living space! Builders are offering condominiums for $300,000 but the average size may be 600 square feet, small for a family, but perfect for the many singles and young couples willing to exchange location for size.
Downtown locations continue to be excellent investment opportunities as rents continue to climb in demand areas. Many parents are buying condos if they have kids heading for the Toronto Universities. It’s cheaper than rent and a good long term investment strategy.
If you have any questions, please give me a call, I would be happy to help.
Your Friend in Real Estate
|Exhibit Condos VIP event is on
Hot new Condos on Bloor St., in Yorkville!!
|Exhibit Condos – Located in the heart of fashionable Yorkville and directly across from the Royal Ontario museum, this purely exquisite condominium with unique architecture and fabulous amenities is destined to become a showcase for the extraordinary.
Please fax/email me the worksheet asap to reserve a suite at a VIP discounted price before the public opening.
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Click here to view Cube 1 floor plans
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