Is Toronto Real Estate Market in a Crisis?
March 10, 2009 // Posted by: admin // Category: Industry News, Real EstateIn time of financial crisis real estate market is suffering greatly as well: there are no deals (people are trying to postpone their sales) and realtors are alarmed that no one wants to buy a flat or a house even when a seller makes up outstanding sales and discounts. People try to find out another way of saving money as real estate is going down! Just an example, the price for a two bedroom flat has gone down for 4% for the last month! No one even knows to what minimum the price for condos in Toronto will fall.
At the same time even nowadays there are some real estate objects that can not be reduced in price and moreover, the price for them will only rise! Of course, we are talking about Toronto downtown condominiums as the place they are situated at is one of the most fashionable areas! Indeed, why should these gigantic and marvellous buildings lose in price when they are always in demand? Just remember the barges in Amsterdam - it doesn’t matter what is the price - they will be definitely bought! It doesn’t matter if one boat is $10 or $1 billion - it will definitely find a purchaser. Living in such a barge is prestigious, this is fashionable, this is just exceptional but for sure you need to face all the cons of living in a boat.
Another story is about waterfront condos in Toronto - the type of houses where the location matters! The higher you live - the better view you get, so even living in a condominium you can easily enjoy the sunset and the moon track on the sea waves the whole night long!