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Real Estate News Releases
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(EMAILWIRE.COM, April 25, 2008 ) Toronto ON -- For more than 7 years the Greater Metropolitan Toronto (GTA) region has witnessed a red-hot condominium real estate market and an unprecedented condominium construction boom. The record sales reached in 2007 are showing signs of slowing. Forecasts for 2008 Toronto real estate sales indicate that, over the short term, condominium prices may continue to rise, although at a much less frenzied pace. Unlike many cities in the United States, where the condo market has plummeted due to the sub prime mortgage debacle and a weakened US economy, TorontoÂ’s condominium market remains relatively stable due to CanadaÂ’s strong economy, low interest rates, high population growth, an aging population looking to downsize. Yet, for anyone looking to purchase a condominium as a home or as an investment property, any slowdown in the market can cause concern. TodayÂ’s condominium investor is faced with a daunting task due to the sheer volume of inventory available, the diverse variety of condominiums to choose from and a market that may have reached its peak.
There are some signs that the Toronto condominium market is due for a correction. After all nothing can go up forever. “Condominium prices are at an all time high, with prices per square foot having skyrocketed to multiples of what they were in 2000. I’ve studied the Toronto condominium market for over 30 years and I’ve seen the signs of a market slow down before. High condo prices coupled with a massive inventory of sold but unfinished suites and falling rental incomes indicate to me a pending softening of the market” states Toronto condominium expert and buyers agent Charles Hanes of Simply Condos (http://www.simplycondos.com). “In this type of market, buyers must be very selective. The risk factor is substantially higher. However, there are still some solid opportunities left in Toronto even at today’s pricing. You just have to know where they are”, cautions Hanes.
One way to improve your odds of making a successful condominium purchase, especially in a volatile market, is to obtain the services of a professional real estate buyerÂ’s agent who specializes in condominium purchases. A buyerÂ’s agent works exclusively for their client. They assist their clients in finding the right condominium property and help them avoid the many pitfalls that could turn buying a condo into a nightmare. A condominium specialist will be thoroughly knowledgeable about all aspects of condominium sales and can provide priceless information about whatÂ’s hot and whatÂ’s not in the local condominium market.
For buyers looking to purchase a new or presale condominium, using a buyerÂ’s agent is especially critical. A buyerÂ’s agent can represent their client when dealing with condominium developersÂ’ sales staff whose sometimes-aggressive sales tactics and exaggerated claims may cause buyers to make a hasty, uninformed and regrettable decision. A buyerÂ’s agent can see through the smoke and mirrors and is immune to the hype and sales pitches. Most importantly, a buyerÂ’s agent will be able to give their client an unbiased assessment of whether the property is a good buy and is right for them.
Real Estate prices continue to free-fall in many places like Florida, Nevada and Arizona. For investors looking for cheap condominium properties, maybe now is the time to pick up some tremendous bargains available in the southern states. While a slow down maybe looming for the Toronto condo market, even with high prices Toronto remains a good place to invest in a condominium property, if you know where to look. Whether the market is high or low or hot or cold, by thoroughly researching the condominium market in the area that you are considering investing in and using the services of an experienced buyerÂ’s agent, any time is the right time to purchase a condominium.
About Simply Condos:
Simply Condos (http://www.simplycondos.com) specializes in Toronto condominium real estate and offers licensed real estate services. Simply CondoÂ’s web site is a complete online resource for making an informed condo purchase and features every Toronto condominium real estate property as well as Florida, Californian and international properties.
Contact Information:
Simply Condos
Charles Hanes - Associate Broker
Sutton Group Tower Realty Ltd
3220 Dufferin Street, Suite 7A
Toronto ON M6A 2T3
416-783-5000
simplycondos@gmail.com
http://www.simplycondos.com
Sutton Group Tower Realty Ltd
Charles Hanes - Associate Broker
416-783-5000
simplycondos@gmail.com 
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