Toronto Real Estate, Condos, Condominiums

Toronto highrise Condo developments are changing the way the GTA looks from the waterfront to the 905 suburbs. In the past decade more than 100,000 condominium units and 627 new buildings have been built and..more on the way.

With all these new Condos, services like restaurants, shops and grocery stores are setting up, to satisfy the requirements of these new neighbourhoods. The new Loblaws supermarket store at Queens Quay and Jarvis, another Loblaws to open at Lakeshore and Bathurst, a new Sobeys food store at the Queens Quay Terminal, a Longos at the residences of Maple Leaf Square next to the Air Canada centre and a Dominion at Liberty Village near Strachan and King are just some of the new services. The newest entry is one of my favourites ,T and T, a Tawainese supermarket opening up at the old Knob Hill site.

A very good job market and affordable interest rates plus the competitive pricing of Toronto Condo builders are all contributing to the affordability of condominiums from downtown to the 905 Area Code locations. A household salary of $65,000 can buy you an average , newly built, two bedrooom, 700 square foot, $231,000 condo in the Greater Toronto Area.

To live in downtown Toronto, a young person making $50,000 to $60,000 per year can afford to purchase a downtown Condo in several great locations. This affordability is alowing the Toronto Condo market to oppose the slowdown beginning in several areas of the United States.

Many first time buyers are turning towards affordable Condos as compared to low-rise resedential developments. The higher price of single-family detached homes, semi-detached and townhomes is another reason buyers are choosing condominiums.

My forecast is that we will continue to see Condo sales breaking more records in market share as they continue to increase in proportion to the general Toronto Real Estate Market.