Price Cutbacks Sparks Uptick in Sales in Toronto Condo Market

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In a dramatic twist that reflected the turnaround in GTA market’s new condo segment, sales figures hit new highs during the previous month. This is a strong indication that the market for new condo properties has shifted to high gear with sales skyrocketing to 1,658 for the previous month. This is more than double the number of condo properties that were unloaded from the inventory during the month of August this year.

If you are planning to resettle or considering a new condo property in Toronto, it is essential that you properly understand the dynamics of this latest uptrend in the GTA real estate market before you even make final arrangements with a Toronto mover.

So, how can we decipher and explain the details of this uptrend in the GTA real estate market, particularly this record-setting growth in sales of new condo properties? Of course, this is the time where we normally see our Toronto mover and real estate agent doing brisk business.

Market analysts and industry experts believe that the actual number of condo units that changed hands in the previous month should have been higher by 400 units as this is the number of condo residential units that were actually sold towards the end of the month and were not reflected in the final sales figures on account of the ten-day rescission allowance for such property purchases.

This major development in the condo property segment can be attributed to two major factors. The increase in the number of property developments under this segment, which has notched its 14th launch before the month’s end, is one of the major reasons for this heightened activity in this segment. One should also look at the major contribution of professional condo investment consultants. These property advisers are a new breed of real property agents that possess practical knowledge and experience in condo property investment. These major players are the reason why homeowners and property investors seem to be taking on the frenetic pace and purchasing condo properties within the Greater Toronto Area even during the pre-construction phase.

Market analysts and industry experts estimate that 60 percent of the total sales are accounted for by property investors and with the 4000 condo units in the pipeline, their impact will be nothing short of profound. For instance, the total sales of condo properties in Downtown West, which is Toronto’s entertainment district, reached 611 while Mississauga and Highway 7 posted total sales of 177 and 148, respectively, for the same month.

So, don’t be surprised if your Toronto mover may have a hard time giving you an earlier schedule for your move.