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There are many stories being told about the Real Estate Markets, Assignments and foreign Condo Buyers driving up prices.  The following article describes what one reporter suggests is going on.  The reality is somewhat different.  At a CMHC Round table event it was concluded that less than 2% of purchases made were that of foreign clients without SIN numbers or Canadian Addresses. 

I see this article as “sour grapes,”  it is easy to sit back and blame others for the increase in home costs rather than doing something about it and just buying.  Don’t worry so much about others earning money from buying and selling real estate while at the same time coming up with reasons like this to hold off on making your real estate investment.  If the property fits your requirements for either personal use or investment, take the time to make an educated decison based on the market conditions and don’t worry about the decisions made from others.  Story

First Quarter Statistics just released from urbanization:

1. 6,070 sales in first quarter in the Toronto condo market, the highest of any first quarter on record.
2. Currently 338 active projects in 1st quarter and 84,698 active units, record highs for both
3. Thirty per cent of the overall sales came from just four of the 338 active projects  (INDX,Massey tower, Casa Two and PSV)
4. The average sold price index in the Toronto CMA rose to $519 psf, an increase of 2 per cent quarterly and 8.1 per cent annually
5. 15,554 unsold units at the end of first quarter, an increase of 4 per cent quarterly and 27 per cent annually
6. Canadian Banks tighten lending, cancellation of certain projects will help to reduce this level of unsold inventories.  

“The probability of a market crash or major price correction is very small, but the prevalence of media coverage for this outcome remains high.”

Attached are the minutes from the Toronto Condominium Investment Roundtable.

Highlights:

•Slowdown seen in purchasing among seasoned investors with a sizeable portfolio of units due to high prices on new projects downtown
•More novice investors have been getting into the market recently, driving demand for very small units with lowest possible prices
•Contrary to popular belief, pure foreign buyers with no links to the city represent a very small share of condo purchases (2-3%). Many buyers are new immigrants
•Most investors buying in today’s pre-construction market will not hold for long after closing — they know that rent won’t be able to cover expenses.  Click this link for full details:  Toronto Condo Investment Roundtable Notes Final

E CONDOS

IS GENERATING A BUZZ

A Landmark Development Coming Soon to Corner of Yonge and Eglinton (more…)

Coming off the success of Paintbox Condos last fall, Daniels’ is gearing up to launch their latest condominium, part of the Regent Park Revitalization Development, titled One Park Place. The builder only requires 5% Down, compared to the usual 20% Down payment required by other builders. Prices are expected to be similar to the Paintbox Condos, which sold out in just a couple of weeks and they have gone up substantially. We are gearing up for the first sales event which is exclusive to us as we have negotiated a substantial commission discount in order to accommodate our clients prior to the agents VIP opening and offer them the very first opportunity at the initial price offering. Register now, or call us to find out more. (416) 712-7908.

In Toronto, sales of single detached homes over $600,000 as a percentage of total sales have picked up as well as the high-end condo market. The association said the national average home resale price in March was $369,677, down from just under $373,000 in February and $371,591 in March 2011. That compared with an average residential price in Toronto last month of $504,117, up from $456,147 in March 2011, and an average residential price of $761,742 in Vancouver last month, down from $786,311 in March 2011. The number of sales across the country reached their highest mark in nearly two years. The number of sales conducted through the industry’s MLS system was up 2.5 per cent from February, making last month the busiest sales month since April 2010. For the first three months of 2012, a total of 108,373 homes traded hands this was a heavier volume than the five or ten year averages for first quarter sales volume.

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