Toronto Condos Prices Trends for 2007
In all of Canada's large cities, condominium real estate is a very hot niche in the market, and Toronto is no exception. Condominium life is very appealing to the lifestyle and work atmosphere of the modern working individual and family for several reasons. Upkeep for a condominium unit is minimal when compared to the many tasks that must be performed regularly on a single family detached home. A condominium complex offers close community living without many of the downsides of spread out neighbourhoods; in fact, condominium complexes can accurately be described as neighbourhoods that are vertical rather than scattered. Most condo complexes also include recreational facilities, and of course one of the main appeals of condominium life is the close proximity of amenities.
Because of the vast appeal of condominiums, the supply of available units has been far short of demand for the past decade, and although new projects are constantly being started and completed in Toronto, it appears as if the shortfall will continue well into the future. Certainly the price trends for 2007 reflect this conjecture so far, with the average price of a condominium on resale alone at $247,303, up 3.1% over 2006.
Real estate projectors often voice concern over the fact that a market correction seems to be in order sooner or later as far as the rising prices of condominiums, but a look at the population trends of Toronto seem to indicate that prices for condos will rise throughout 2007 and into the more distant future. Toronto continues to grow at a rate of 1.9% per year, and many of these people will be drawn to the lower prices and greater convenience of a condo over a detached home. As with other areas all over the developed world, Toronto's population is aging, with the baby boomer age group beginning to reach their retirement years. As this trend carries forward, there will be more people interested in purchasing condominiums for the flexibility they afford.
In short, condominium prices in Toronto are projected to continue upwards for 2007, largely driven by the great demand for these convenient properties. The demand is expected to be further fueled by the expectations of an aging population, thus the value of both new and resale condominiums is projected to continue to rise through 2007 and into the future.
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