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Price cuts spark a flare-up in the Toronto condo market

In an astonishing turnaround, the Greater Toronto Area's new condo market shot from moribund to near record-breaking in September. In August only 861 suites changed hands, while in September that number rocketed to 1,658.

Indeed the number is probably about 400 units higher, says George Carras, president of RealNet Canada Inc., which tracks the new condo homes market. Those suites, however, were sold toward the end of the month and RealNet has to wait until the 10-day rescission period is over to count them as sales.

Even the flagging detached new homes market enjoyed a small up-tick, rising to 1,064 sales from August's 936. So what happened? Experts like Mr. Carras suggests two things: A near record level of new project launches (14 and the second highest in a month on record) and the CIA

Source:  Terrence Belford
Toronto— From Friday's Globe and Mail
Published Thursday, Nov. 04, 2010 11:02AM EDT
Last updated Thursday, Nov. 04, 2010 12:48PM EDT

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Bouncy castles: Toronto's property market keeps going

Among real estate agents, the talk was all about how restrained the bidding was – even though the house sold above the asking price of just under $800,000. The consensus among agents was that the house would likely fetch more, says Theodore Babiak of Royal LePage Real Estate Ltd., who represented one of the competing buyers.

Source: Carolyn Ireland
The Globe and Mail November 4, 2010

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