subject: The Future of Real Estate in Toronto by:Robert Kennedy [print this page] Real estate in Toronto has greatly amazed investors. This is because the world economic crunch especially felt in this sector has not had a grave effect as recorded in other countries like the United States of America. It is therefore vital to understand how the sector has managed to remain steady, and more so what the future of the Toronto real estate market is expected to be. Investors in the industry have moved out of their traditional investment locations to places that have a more promising future. For example, big investors have camped in Asian countries and others in South America. However, in all of these, Canada and specifically Toronto real estate investors have stayed put.
It is important to mention that economists in Canada predicted a low spell with real estate in Toronto. The slight drop in sales was definitely witnessed, but this was nothing compared to other big giants like Japan. It was predicted that the sale of condominiums in Toronto would not be changed. This has proved true and in fact it has been reported that the construction of condominium units has reached a record high. The Toronto market has definitely stood out above the rest with sales of the current year so far being higher than those of last year albeit by a small margin.
All this goes to show that real estate in Toronto is a formidable sector to reckon with. The future of Toronto looks very bright according to a report released by the Canada Mortgage and Housing Corporation. Investors will definitely not be disappointed if their predictions are anything to go by. According to the report, the market will have a soft landing after the economic turmoil. The report shows clearly that the number of unoccupied condominiums will be few, running between a thousand to two thousand units.
In the price growth for real estate in Toronto, the report estimates that it will stand at 3%. This is a slight fall but moderate nevertheless. The price growth for 2008 stood at around 5%. It is important to realize that these rates are very encouraging compared to the performance in other markets. They show that there is still a huge demand for Toronto real estate and this demand is needed to ensure that the vibrant sector continues to progress. The encouraging news is that many foreign investors have only good things to say about this sector.
Many say that the Toronto real estate sector is undervalued. Their goodwill and optimism is the great force that will stimulate more growth in the industry. Experts in the field say that the value can only increase given the current figures. It is pretty good to know that there is some ray of hope in the midst of a global crisis. Investors are happy to operate in Toronto because they know that there are good returns awaiting them. Therefore, as a person willing to buy or sell real estate in Toronto, keep abreast of current information so as to make sound decisions.
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