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Toronto Condominiums and New
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Toronto’s new condo market opening up to negotiation!
By Lex Dunkelman
Published: Aug. 29th, 2008A drive along any Toronto street reveals a crop of new listings, and the condominium market is experiencing an even larger listing surge. Most developers have been through ups and downs before, and smart Condo Builders are anxious to sell their existing inventory.
Most Toronto builders don’t lower their prices, but they are often open to free upgrades, mortgage pay downs and even free parking spaces and lockers.
How do you get these great deals? Just ask for them. Submit an offer with all of the options that you want, at a price you’re willing to pay. Have your lawyer help you to prepare an offer covering what you want. The best way to get the best deal is not to fall in love with any one condominium development. Select two or three, and start making offers. You may be surprised what you’re able to get.
Toronto condominium market continues to remain viable
By Lex Dunkelman
Published: July 13, 2008Despite 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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