Sales at 10 York Exceed Expectations
From the Star
Anyone pondering the current state of Toronto’s condo market may want to take note of the rip-roaring success of Tridel’s recently launched Ten York project.The 65-storey glass tower — which
will rise from a wedge-shaped site at York and Harbour Sts. — has been
regarded as a bellwether, a development whose sales performance this
fall would offer an indication of the health of a condo market that some
analysts believe has become oversupplied.
Of the 600 units at Ten York released
to date, 532 had been sold as of early November. If the Toronto condo
market is cooling, “you sure as heck wouldn’t have known that from what
was happening at our sales office,” notes Jim Ritchie, Tridel’s senior
vice president of sales and marketing.
New Trends in Condo Buying Emerging in the Toronto Area
A few new trends to watch out for in the Toronto area when it comes to buying homes as well as buying condos. When it comes to buying homes, the latest tactic is to put a property which had previously been listed on the MLS system, on a bidding site, or list through an auction house to get buyers, sending the price of single detached homes soaring.
As for condos the latest buying technique is the new trend with regards to micro housing, or micro condo living. And we’re seeing now, specifically designed condos to meet that purpose. Another new trend to look out for is the lack of supply in the purpose built rental housing market in Toronto. Even as new condos come online there remains a shortage of apartments built specific to that purpose, so condo rentals have increased even as vacancy climbs, rentals rates do as well.
Busy Condo Market Boosts Toronto Home Sales
With fewer homes in the detached category available in Toronto, new home buyers seem to be opting for new condos, with sales heading forward at a rocket pace last month. Sales of Existing Homes in the Toronto area moved up by a whopping 2.1% in February 2014, and that is compared to the same time period last year. That was mainly due to a 12.5% increase in the sales of condos within the city so stated by the Toronto Real Estate Board. That will contrasts with the sales declines that occurred in townhomes, detached and semi-detached housing during the month, which was mainly due to a constrained supply of those housing types.