The Toronto Condo Market even made it to the Wall Street Journal this week.
Ann Hannah, Toronto Real Estate Board (TREB) president, said in a release with the figures that a glut of completed condo building projects in late 2011 and early 2012 had lots of investors trying to sell their units at the same time.
The latest statistical glimpse into this sector isn’t likely to cast those worries aside. Condominium sales fell 20.5% in the third-quarter of this year, compared to the same period last year.
This comes to no surprise to us as we’ve been warning our investor clients who ask about investment condos in downtown Toronto for the past 2 years.
If you consider the supply of Toronto condos, in combination with the size and configuration of those same condos, and the demand for people who will be eventually buying those condos, an oversupply is inevitable, which of course makes it a less desirable investment, says Michael Shuster – Real Estate Strategist!
If you would like a full explanation about the supply of downtown condos in Toronto, and the investment potentials and/or risks, don’t miss our upcoming FREE Millionaire Real Estate Investment Information Night on Tuesday October 23, 2012. Click HERE for full details, including time and location.
Remember, we are not only Real Estate Strategists … we are also Professional Negotiators and we’ve learned many secrets to winning negotiations for our clients – whether you are Buying or Selling a House, Condo, or Investment Property!
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