According to CMHC reports, High rise development continues to be the most fragile sector of the home sale Toronto market and 17,000 condos will be completed in the GTA this year, with another 16,000 completed in 2011. The CMHC expects 10,000 of these condominiums, purchased by investors will be placed back on the market over the next two years.
Hildebrand, senior market analyst for the CMHC said that the added supply will lead to softer price growth for high rise units relative to low rise homes. Bidding wars will become less common and prices will face little upward pressure with fewer buyers competing for more apartments for sale Toronto.
Stronger per capita income, job growth and higher net migration, which will help to keep the real estate for sale Toronto market stable, said the CMHC. Reports stated that employment is expected to rise by 1.5 per cent in 2010 and wages by 2.5 percent, which are pretty big numbers for the first year out of recession.
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