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AS property markets continue to reel from the American sub-prime mortgage crisis, one housing market is still booming and shows no sign of slowing down. The Canadian condo boom is in full-swing.
Sale prices in Canada's largest city Toronto have soared by 15.7 per cent since last year, according to Royal Le Page Real Estate Services, with the average price for a condo now clocking in at $241,818.
'Because Canadian banks do not loan as aggressively as those in other markets, and, in fact are very conservative in their lending practices, we are not experiencing the kind of default issues that are occurring in other markets,' said Nestor Repetski, director of Winick Realty Corporation Brokerage. 'The result is a quite restrictive lending environment but one that in return is also quite stable.'
Fuelled by steady population growth (more than 50,000 people move to the city each year) and laws preventing urban sprawl, Toronto's downtown condo market is flourishing. Feeding the high-end market are second-home buyers and foreign investors.
'Most renters of means rent condominiums from investor buyers,' explained Mr Repetski. 'A survey published by Canada Mortgage and Housing last month indicated that in Toronto the vacancy rates are lower in the most expensive buildings, ie, investor-owned condominiums.'
An increasing desire to live in the city rather then suburbia means that the rental market is also flourishing.
Star Real Estate is selling condominiums in two key areas of Toronto on behalf of a top developer.
The recently completed Wellington on the Park is located steps from the vibrant, bustling area of King Street West. The development overlooks a large green city park and is a short stroll from Lake Ontario. It is also just a few minutes from the financial heart of city and the country and on the doorstep of Liberty Village - a regenerated residential community, filled with galleries, cafes, shops and restaurants.
There are 12 penthouse and lower floor suites available. Impeccably designed, the penthouses total 1,613 sq ft and have large open-plan living areas, terraces and three spacious bedrooms spread over two floors.
There are also two-bedroom suites with balconies available. Decoration is modern, crisp-edged and expertly finished with embossed doors, porcelain ceramics and 60 ounce plush carpets. Kitchens are an elegant mix of granite and wood and the bathrooms are fitted with luxurious marble and bespoke cabinetry.
An excellent location, beautiful views and plenty of greenery combine to make this enviable city living.
A little further up town is the Mosaic. Located in one of Toronto's most established and desirable residential areas The Annex, this property promises to be an idyllic development. It is within walking distance of some of Toronto's key attractions including the Royal Ontario Museum, the Royal Conservatory of Music, and the famous Yorkville district bursting with boutiques, outdoor markets and restaurants.
Residents have private access to a terrace lounge and a Mosaic club offering guest suites, dining and meeting rooms, a gym, billiards and card room.
There are a range of one and two-bedroom suites and penthouses on offer.
Buyers can choose from a range of elegant kitchen styles and finishes, luxurious bathrooms and solid oak, maple hardwood or 50 ounce broadloom flooring.
As Toronto continues to grow, real estate prices will continue to spiral upwards along with the condos, making for a very attractive investment opportunity in one the most culturally diverse and exciting cities in North America.
