Take a look at the numbers...
I read in the Globe and Mail again today that Toronto still has the most new Condos under construction in North America. Not too long ago we were even building more than New York and Chicago combined. After a few quiet months building applications are up and more developers are pushing ahead with construction plans.
However the true best buys remain in the resale market, especially among condos. Typically you get a bigger unit, for less money, and you know what your condo fees really are.
10,182 sales were reported in the month of May through the Toronto MLS system representing a slight decline of 3.4% compared to May 2012. Sales of single-detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year-over-year increase in the City of Toronto. The average selling price for May 2013 sales was $542,174 – up by 5.4 per cent in comparison to $514,567 in May 2012. The price growth was mainly driven by the continued low inventory in the freehold home section. While prices were also up slightly for condos since a year ago, there is substantially more inventory and consequently lots more room for negotiation. This means that there are good buying opportunities in the condo segment.
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