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Toronto condominium market continues to remain viable
By Lex Dunkelman
Published: July 13, 2008
Despite the pledge from Canada’s federal government to tighten up on Canadian sub-prime mortgages, the condo market in Toronto remains healthy.
There are several factors which have allowed the Toronto market to escape the sub-prime meltdown we have seen in the U.S.
Toronto remains one of the best destinations for people in other lands looking for a safe haven. Canada’s welcoming immigration policy along with Toronto’s outstanding ethnic diversity, make the city a top choice for people looking for a second home. Toronto is a top destination for people in most Asian countries including China, Pakistan and most Middle Eastern countries. Wealthy South Americans, Colombians, and Mexicans also find Toronto a hospitable destination.
The second factor which has kept the Toronto market alive is the flexible lending attitude of Canada’s banks. Canada’s five largest banks continue to welcome, and encourage, residential mortgages, often competing with each other for customers. In some ways, Canada’s mortgage market resembles the American market before the meltdown. This has meant that the Canadian market has continued to remain healthy even though housing prices in Canada are substantially above U.S. prices, even at their peak.
And how long will Toronto’s condo market remain healthy? Who knows, but if you’re looking for a condominium in a great city, why not buy a condo in Toronto.
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