A Canadian city is bucking a north American trend of falling new homes completions, according to specialist Toronto property agents.
Toronto Condos said Canada Mortgage and Housing Corporation (CMHC) figures show residential real estate starts in the city were up by six per cent to 26,700 units in February compared with January.
According to the company, CMHC says the city’s healthy condominium market is behind the growth in new homes.
Corporation figures also show 36,000 new condominium homes are due to be completed from 2009 to 2010, which the firm says could be good news for real estate buyers.
Paul Coulter, co-owner of Toronto Condos, said: “Home buyers can find brand new condos for the same prices investors paid previously, or even for less.
“It’s the more attractive option. This means the market for Toronto condominiums is increasingly becoming a buyer’s market as the supply starts to outgrow the demand.”
He added homes investors may still have an edge in the rental real estate market, as rentals went up 30 per cent in the final quarter of 2008, compared to the same period in 2007.
New real estate projects in the city include Infinity Condominiums, a 35-storey luxury development with prices starting from $189,000 and featuring a library and billiards room.
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Great article on Toronto condos ! thanks for the info