If you want to live in the city of Toronto and want to live in the thick of downtown, a condominium is a fantastic option for you to look into. Not only are condos more prevalent in the downtown areas outside the city, they are also generally cheaper than houses or town homes inside big cities, like Toronto. If you are are looking to buy a piece of real estate in Toronto, a condominium may be the best option for you.
Whether you want to buy a traditional condominium or a Toronto loft condo it's important to know that the prices of condos in Toronto have been appreciating over the past five years, making it a good investment for you to make. In October of 2007, the average price of a downtown west side condo in Toronto was three hundred and forty thousand dollars. This number went up by nearly fifty thousand dollars in 2008. The same goes for condos in the downtown east side. Prices have appreciated nearly four percent in the span of a year and will probably only continue to increase over the next few years. Whether you want to live in Liberty Village condos or in the Toronto's downtown west side, now is a great time to invest in a condominium.
The rise in the average prices can be great for someone wanting to invest in a downtown Toronto condo, but that generally makes it tougher for the seller. Condo real estate has been selling at its lowest point in a decade and is expected to continue to drop. In August of 2008, only eighty eight condos were sold compared to one hundred and fifteen in 2007 and one hundred and thirty one in August of 2006. It's taking quite a bit longer for sellers to move their condos in Toronto because the market is extremely competitive, making it a great buyers market.
So, whether you are looking to buy a condo in the neighborhood of Annex Toronto or on the popular Young Street, you are in luck because now is the time to buy. All one has to do is take a quick peek at a local real estate website, (we use patrickrocca.com), to see that the possibilities are enormous. Not only is it a buyers market but you will also see a significant appreciation in your home over the years. Rarely is it ever a buyers market in a fantastic city like Toronto, so now is the time to take advantage.