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Old 09-09-2010, 05:02 AM
 
Location: Calgary, AB
241 posts, read 684,124 times
Reputation: 141

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I'm originally from Toronto and am thinking of purchasing a condo in this area of North York next year for a family member. I haven't been in the city for a couple of years and am wondering if it would be a decent time to buy in this area. There seem to be tonnes of new builds in the area over the past 10 years or so. I would be keeping the condo for at least 10-15 years prior to selling.

What's the market like in that area right now? Are many of the new condos vacant? Any predictions as to whether prices will drop in the near future?
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Old 09-09-2010, 08:52 AM
 
229 posts, read 666,039 times
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The condo boom is insane in that area. There are several major projects under construction right now. There's the Hullmark Centre (right at the corner of Yonge and Sheppard), it's going to be the tallest building in North York. Most units are already sold out, and they were really expensive ($500K and up).

If you go up Sheppard, there's Emerald City at don mills (which is about to start the 2nd phrase), the Aria at Leslie, Yorkland at Heron Hill at Sheppard and the 404 ( pretty close to Emerald City and Fairview mall), and the Massive Concord Park Place on Sheppard between Leslie and Bessarion stations. All of these are under construction right now. Their are a few smaller projects closer to Bayview, and a few going up Sheppard west.

The ones on on Yonge going towards Finch, Were completed 5-10 years ago (for example the ones at Empress walk, across the street at Mel Lastmen square), some are maybe on sell.

As for prices dropping, I hope so ( I want one for myself, lol) but it doesn't look like it will anytime soon, Apparently that area is now one of the hottest in the city.
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Old 09-09-2010, 12:06 PM
 
Location: Verde Valley
4,363 posts, read 10,604,918 times
Reputation: 4003
Read The Toronto Star online, there have been many articles in it lately about the Toronto housing market changing and many realtors (when they're being honest about it) know that prices are coming down right now. It's already a buyers market (it wasn't up until recently).

I sold RE in Toronto for 18 years and still keep my finger on the pulse. If I wanted to buy, I'd wait and see how far down the prices go (look at the economy in the US and the rest of the world). Interest rates went up yesterday, another sign of what's happening in the economy.
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Old 09-09-2010, 06:18 PM
 
705 posts, read 1,808,844 times
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Every year people have been talking about real estate will be definitely drop. Has it? Don't listen to the media or so-called "experts". They don't know.

Canada is NOT the United States. If you read about how the banks grant loans to home buyers in the past 10 years in the US, you would NOT compare Canada to the US at all. (one piece of fact is that they actually lend you 250K if the house is sold at 220K). The markets are fundamentally different.

If you look at the rent return, Toronto's condo market enjoys a healthy 5-6% return. Not insanely low by any standards. I wouldn't say Toronto's housing price has much bubble.
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Old 09-10-2010, 02:36 PM
 
53 posts, read 324,411 times
Reputation: 24
It's a solid market for that area. Heck, the condo market just keep motoring along quite nicely in all parts of Toronto. It's a good area. Be mindful though that traffic is brutal in that area during rush hour as you make your way from your building to the arterial roads and highway. You've got literaly thousands of residents from these condos all going to and from work at the same time. It can be rough. No issues though if you're TTC' ing it!
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