Friday, December 4, 2009
The Condo Market is Hot in Toronto
Stefania Moretti, reported in the The London Free Press, that a new condo Development in the West Don Lands of Toronto, called the River City Project, are selling the units by having a lottery, to decide who has first dibs on floor plans and units! With Occupancy slated for 2011, there is a lot of demand for these moderately priced units. This past weekend in Vancouver a horde of home buyers stood in the rain for a chance to purchase condo units in a 26-story tower, to be built in the downtown area, which isn't scheduled to be completed until 2013. And in Toronto a few days earlier condo sellers enforced a chit system for real estate investors, to quell disputes over the chance to buy into the new downtown X2 Project, by Great Gulf Homes. Toronto agents have noticed a big time swing in the pre-sale market, comparable to 2007 levels. "Things are back to being as crazy as it ever was", said "Andrew La Fleur, of RE/MAX Condos Plus in Toronto, citing a combination of factors including record low interest rates and a return to the belief that real estate is a safe investment. With the renewed interest in the real estate Market in Toronto, I'm sure we will see the spin-off coming our way this spring, here in Grand Bend.