Toronto Condos Downtown

Toronto Condos continue to add supply to the resale and rental markets.

Toronto saw the apartment vacancy rate at 1.1 per cent by the end of 2011 compared to 1.6 per cent at the end of 2010.

Competition for new rental units aimed at young professionals and baby boomers saw upward pressure put on investor-held Toronto Condominiums.

Toronto Renters are flocking to many downtown Condos close to their work and also close to entertainment.

Average Toronto Condo prices increased 7.2 per cent to $336,748 in the fourth quarter of 2011.

Toronto Condos For Rent/Sale Financial District

Downtown Vancouver Condos At Dusk

Top executives from Canada’s banks are concerned about a downturn in the domestic housing market with Condos in Toronto and Vancouver most vulnerable.

Low interest rates have fuelled a housing boom in both cities with housing starts climbing at a higher rate than was expected.

These banks are noticing high consumer debt levels and a lot of housing capacity in the way of new Condominiums for sale.

That being said, all of these banks are very good in lending out money that actually helped fuel these so-called hot markets. Very few purchasers are buying new Condos in Vancouver or Toronto with cash.

These same banks are also financing the new Condo developments with guarantees from the builders so almost all of the new Condos on the market are pre-sold with financing already in place.

New and Resale Toronto Downtown Condos for sale or rent.

Toronto Downtown Condos

New Toronto Condos Rush For City Hall Approval

Toronto will see more new Condos in 2012 as city hall considers 18 more Condominium projects that will add 7,000 residential suites to the current market.

There is a rush to review all new projects now as there are fears there will be a municipal strike when 28,000 city workers see their contracts expire Dec.31.

The Toronto Real Estate Board reported November resales were up 11 per cent from the same time las year and the average resale price of an average home climbed 10 per cent.

It is amazing that 18,000 new Condos are expected to be completed by 2011 in Toronto and area and another 37,000 Condo suites are under construction.

Related:

Yonge Bloor Condos Sale/Rent Search

Toronto Downtown Condos Search

St. Lawrence Market Condo Listings

Downtown Harbourfront Condos Toronto

Toronto Condos continued to increase in average price for November,2011.

Downtown Condos in C01 and C08 were up positively even though the number of Condominiums sold here are biggest transactions (number of units sold) in Toronto.

There were 355 Condos sold in the downtown Toronto Real Estate district of C01.

The next biggest downtown district was C08 with 117 Condos sold. The average resale Condo price increased by $56,259 to $422,083.

Whether you’re buying or selling Toronto Condos and looking for a ReMax Toronto Realtor  feel free to e-mail or phone us and we will be happy to guide you through your real estate experience.

Toronto Downtown Condos Search

Harbourfront Downtown Toronto Listings

10 York Condominiums

10 York Condos, a new Toronto Harbourfront Condo project was recently unveiled by Build Toronto and Tridel.

This exciting new Toronto Condominium Tower will be a 75-storey tower designed by Rudy Wallman and at this height will be one of the tallest in the downtown area.

10 York will have approximately 774 Condo units ranging from studios to three-bedroom suites with pricing still not worked out as yet.

Ice Condos will be a close neighbour to 10 York and between them, they will form a new gateway to downtown Toronto from those driving East and West, into the city.

Here are current new and resale Toronto Harbourfront Condos Listings for sale or rent in the area.

Toronto Downtown Office Buildings

Demand for new office space in downtown Toronto is being fuelled by the bright, young, well-educated workers who prefer to live in Toronto Downtown Condos.

This increased demand for downtown office buildings is so strong, vacancy rates fell in Q3 to 5.1 per cent. Vancouver has a lower office vacancy rate than Toronto at 3.7 per cent due to limited office building activity.

New Toronto Downtown Condos are providing an instant workforce for the 4.5 million square feet of office space added to the downtown core in the last two years alone.

According to commercial Real Estate brokerage Cushman and Wakefield’s recent report, major downtown U.S. cities like San Francisco, New York, Boston, Los Angeles and Chicago are also seeing a significant shift from the suburbs to downtown office markets for the benefit of younger, well-educated workers who prefer to live and work downtown.

Toronto Condos in an unprecedented Condominium boom, are providing an instant workforce for the 4.5 million square feet of new office space added to Toronto’s downtown core in the last two years.

Note: We always try to bring you new, original and varied photos of Toronto Condos and Real Estate in our Toronto Condos Blog.

Related:

Toronto’s Commercial Real Estate Surges Downtown

Toronto Downtown Condos Search

Scarborough Condos For Sale

Our Website www.TorontoRealEstateHome.com  offers hundreds of Scarborough Condos for sale and rent.

I am an experienced and knowledgeable Remax Realtor that can help you in buying or selling Condos or Homes in Scarborough.

Condos for sale in Scarborough continue to be in demand due to their excellent location and easy access to Toronto.

Search listings for Scarborough Condos for sale including new and resale Condos, Condominiums and Lofts.

Find your Scarborough Condos today.

Scarborough Condos and Real Estate

Four Seasons Toronto Downtown Condos

Our Toronto Condos Blog shows many of the new projects underway in downtown Toronto. Even we wonder how many Condos can actually be absorbed even by a growing influx of immigration to Toronto.

Some new Toronto Downtown Condos are said to have up to 90 per cent of investor participation.

Read below what Toronto condo investors are banking on.

From The National Post G Marr

But what this boom has done for real estate is level the playing field with stocks. The S&P/TSX composite index total return over the past 13 years is actually about 135%, just below real estate’s 140% gain.

Go back to 1980, when the Canadian Real Estate Association first started tracking average price, and real estate’s 446% return, based on average sales price, also compares with the market. Much of today’s activity is in condominiums even though the costs of carrying such an investment have risen dramatically.

Investors are still banking on a rising market. Urbanation Inc. executive vice-president Ben Myers says the average condominium in Toronto – the biggest market of its kind in North America – sold for about $490 per square foot in the second quarter. Based on about 750 square feet, that’s $367,500.

Your carrying costs would include a mortgage and with 25% down and about a 2.4% interest rate, your monthly mortgage payments would be $1,222.67.

The average condo fee is 47¢ per square foot, so add another $350 per month, plus, say, another $300 per month for taxes.

The problem is those approximate $1,900 in costs, which don’t include heat and hydro, are more than rental revenue.

The average Toronto condominium rents for $2.18 per square foot, putting your condo income at just over $1,600 per month.

That gaps seems worth the risk because condominiums in Toronto have appreciated at an average rate of 7% to 8% over the past 15 years.

New Toronto Condominiums also have the added attraction of requiring minimum cash up front until they are registered.

It can take three years to build a Toronto condominium, so you can get away with putting as little as 20% down before you have to come up with the full amount.

The math is simple. You put $73,500 down on that condo and hope the value of the $367,500  Toronto condo jumps to $450,000 in three years, based on a 7% increase.

That’s an $82,500 return and, even if you take out $20,000 for transaction costs, you are left with $62,500 profit, or an 85% return on your money in three years.

It’s attractive to many. Financial planner Ted Rechtshaffen has a client with a net worth of $2-million who owns seven condominiums. “It is a strategy that has worked,” he says, adding the model could come tumbling down if interest rates rise. “If you strip it all down, it’s a highly leveraged strategy. If you are of the view that real estate only goes up, highly leveraged is a smart thing.”

Related:

Toronto Downtown Condos

Toronto Condos For Sale Financial District

These workers want to live and work downtown, avoiding the longer and longer commutes into the city and just enjoy the Toronto downtown Condos lifestyle.

Business in the meantime now want Toronto downtown locations to be close to this new talent.

To meet this demand for modern, inviting downtown office space, a total of six new office developments were constructed between Q3 2009 and Q3 2011

Telus Tower Toronto, is a prime example of a new tenant taking over a downtown office building at 25 York, a LEED Gold office tower. SNC-Lavalin, Myers Norris, Penny, Coca-Cola and Google are just a few companies making the move to downtown Toronto.

Toronto Downtown Condos

Greater Toronto Realtors reported 6,933 Condo lease transactions  from May thru August 2011.

This represented a 11 per cent increase compared to the same period last year.

Investor-held Toronto Condos are replacing purpose-built rental apartments, especially in Downtown Toronto.

Rents increased in all bedroom types with one bedrooms up 4 per cent and two bedroom Condos up 5 per cent compared to 2010.

• The average One-bedroom Toronto Condo rental $1,532
• The average Two-bedroom Toronto Condo rental $2,037

These higher rents were the result of rental demand outstripping the number of rental units listed and the result was more competition for prospective renters.

Related:

Toronto Downtown Condos Search

Financial District Condo Listings