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Condo-Mania!

With all of the new condominium towers going up, there has been a lot of media attention about the numberof new condos - and it's true that in June, high-rise condos accounted for six out of every 10 new homes sold. But if you're in the market for a condo, take a close look at the reasle market. It's also a hot and there are some excellent deals available.
In July, 21.9 per cent of existing home sales were condominium apartments, while another 9.0 per cent were townhouses. Condos are popoular with first-time buyers, as well as with existing owners who want to downsize.
Also in demand right now are high-end, in-fill condominiums in established neighbourhoods. Empty nesters who love the community but want to move out of their large homes are cashing in their equity and moving into these units. Stacked townhouse condominiums are also becoming more popular.

Condominium prices have appreciated rapidly.  In the Annex and Yorkville areas downtown, prices are up 16 per cent over this time last year. Other neighbourhoods that have seen double-digit price appreciation are Humber Summit, Lawrence Park and Davisville. Communities that have seen prices rise more than eight per cent include Richview, Humber Heights, and the Don Valley South area, which includes Don Mills, Victoria Park Village, Parkwoods, and Graydon.
In June, a report by the Bank of Canada said that the condo market is fundamentally healthy, and that "the risk of a broad reversal of condominium prices is limited." It said that "a combination of structural and cyclical factors have contributed to the growing popularity and rising prices of condominiums.  These include low interest rates, rising disposable incomes and tight rental markets that made home ownership more affordable."
*Source: Clear Communications Newsletter
Posted on Thursday, November 9, 2006 at 11:05AM by Registered CommenterJoanna in | CommentsPost a Comment

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