Toronto Downtown Market Update
Toronto Downtown Market Update
Toronto downtown market have had significant improvement since January. To view statistic details, go to the Global Market Update page at my National Real Estate Information centre @ www.TinaMak.com. Like Vancouver, Toronto agents noticed a large increase in showings and listings sold faster than before with sold price closes to the asking price.
Market appears to be picking up and although they have had a significant drop in prices in most neighbourhoods, not all neighbourhoods have been hard hit. Of course the drop by half a point by the bank of canada has helped and April 21 is the next meeting and they predict another half a point drop so this gets people back in the housing market. I am seeing a lot of first time buyers, people upgrading so to them its all relative (they are buying but have a property to sell). And of course some investors but the numbers have to work. Borrowing money is cheap.
General concerns at this time are of course the dire situation south of the border - our nearest neighbour and closest allies. Unfortunately we cannot be unaffected by their crisis. They buy 70% of Ontario exports! Our stock market closely followed theirs when the stock market crashed...we can't not be unaffected by this. So, people are concerned, confidence is down but activities indicate that things are picking up. People are out looking again. Consumer confidence is back. Initially people wanted to wait and see how much prices will drop but with the rates being as low as they are-they're jumping in again.
Generally, Toronto agents also think it is a great time to buy, for both end users and investors. Prices are down and so are rates - if the numbers work,why not?
Now, we have had a great many of new projects near completion but location is key and although we have a lot being released -they tend to lease. A perfect example is city place (concord adex) of which I am sure you are familiar with "Lee Ka Shing" . His master planned communites are very popular. These newly released units are leasing like hot cakes! Location speaks it all!
University locations - well Uof T is East of Spadina, south of Bloor, North of College and west of St. george so these are some great neighbourhoods! Demanding area, investment properties never sit vacant.
Now, we also have Ryerson University at Church and Dundas - some nice lofts in the neighbourhood...good location.
And of course York University - not crazy about its location and I can explain if you like.
Property values seem to do better downtown (closer to core).
Great investment neighbourhoods downtown of which I would recommend are - St.Lawrence Market (close to business district) and everything; Bloor Street (anything along Yonge line
High Park - great neighbourhood; Bloor west village; The Annex; Leslieville and so on. We can discuss at length if you wish to learn more about them.
