Toronto Loft Conversions

Toronto Loft Conversions

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Modern Toronto Lofts

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Unique Toronto Homes

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Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Condos in 2015 are going up, up, up

Olivia D’Orazio – Mortgage Broker News

To make a prediction for Canada’s crazy housing market would be, well, crazy, but like Re/Max Condos Plus, some agents believe it’s safe to say high-rise living will continue to post strong gains in major markets – especially for larger family-friendly units.

Comment: Call me crazy then. I predict condos will continue to do well next year. Houses are becoming too expensive, 2-bedroom condos are the new family home for downtown urbanites. First time buyers are priced out of the house market. And investors will continue to buy new condos to serve the rental market.

Toronto condos 2015
“I think this will be another solid year for [condos],” said Matt Elkind, an agent with The Condo Store in Toronto. “The demand is going to continue. That trend away from houses, just with the prices of housing going up dramatically, more people are happy being downtown and living the condo lifestyle.”

Re/Max Condos Plus said it expects demand for larger units – particularly those with two bedrooms or more – to increase, especially for two of Canada’s most active demographics moving up and down the property ladder.

Comment: Boomers might start selling as well, and they are going to want condos with some room.

“It’s two things really,” said Armand Gilks, a sales rep with Bosley Real Estate in Toronto. “One is people downsizing, and the other is people currently in condos and as their need for more space as their families grow, many are opting for larger condos rather than low-rise housing.”

Immigration is also expected to boost condo demand in 2015. The Re/Max report suggests Toronto requires more than 35,000 units annually to keep up with immigration – meaning the 20,000 units currently being completed will lead to a shortage.

Comment: And that was a HUGE banner year. Before that it was 15-16,000 a year. But don’t expect to see 20,000 new condos every year, that isn’t going to happen. This is what I keep saying… no matter how many we build, we are not building enough. Either condos or houses, for buyers or for renters. There is a finite supply and demand only continues to grow.

“I do see demand for larger units growing,” Gilks says, “and this is especially as the condo market matures.”

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

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Summary
Condos in 2015 are going up, up, up
Article Name
Condos in 2015 are going up, up, up
Description
I predict condos will continue to do well next year. Houses are becoming too expensive, 2-bedroom condos are the new family home for downtown urbanites. First time buyers are priced out of the house market. And investors will continue to buy new condos to serve the rental market.