The condo market in the GTA is slightly less active than in 2010, but it is still busier than average for this time of year. Prices are up slightly, about four percent, but even with this small increase, condos are still a more affordable option for families with average incomes.
As we are now gearing up for the tradition real estate buying season, things are sure to be heating up. "For Sale" signs are cropping up all over the city and realtors are organizing their portfolios in order to give the best possible options for their clients. Investment opportunities abound, with new development still going strong in all areas of the city, particularly in North York, with numerous boutique and large scale projects underway, or about to break ground.
Interest rates have remained steady and new mortgage regulations are now in effect since March. Rates and prices are both expected to increase slightly at some point in the summer, but nothing drastic that will have an adverse effect on the market. In other words, buyers and sellers are still in good positions, and there are plenty of choice units in every price range.
Investors and buyers should get their ducks in a row now, and begin looking for units at the earliest opportunity. Check into new projects thoroughly to obtain information about the site, amenities and completion dates. You'll want to have as many of the pertinent facts as possible, especially if the unit will be for investment purposes. Finding an appropriate party to sublet your unit is a time-consuming process.