Now is the time to buy a Toronto Condo, prices are right for any prospective buyers in the Toronto Real Estate market..

 

From THE TORONTO SUN:

The days of a sizzling condo market may be gone for now, but it's warming -- and in some cases, getting hot -- despite the turbulent economic times, according to industry experts.

 

Brad Lamb, Toronto's celebrity condo king, said the resale market -- the buying and selling of currently existing units -- is a seller's market.

 

"There is absolutely no discount whatsoever from this year over last," he said, noting people who bought in November, December, and January saw up to a 10% drop in prices. "But that is gone.

 

"There are an awful lot of (resale) properties selling at auction again, where there's multiple offers."

 

New condo sales, though, are a different story and deals can still be had.

 

According to industry reports, from February 2008 to February this year, new condo sales in the western downtown core were down 31%, and prices dropped 8.5% from February 2008 to the same month this year.

 

In the downtown east market, sales were down 9% and prices dropped 13%.

 

In March 2008, 1,419 high-rise condo units sold in Toronto, whereas in March of this year, that number plummeted to just 317.

 

To boost sales, developers are offering buyer incentives -- free cable and no condo fees for a year, Lamb said.

 

"That (new condo) market ground to a halt in December, where essentially nothing sold." Lamb said, adding January and February were also slow. "But people started to come out of the woodwork in March and April."

 

And if you're looking to buy a new unit, 11,000 to 13,000 units are expected to be built this year -- albeit a 26% drop from last year, according to a TD Economics study released earlier this month.

 

"It's a once-in-a-lifetime opportunity, and it will be over in six months," Lamb said. "If we lived through December, and we didn't have widespread panic and collapse in the market, what the f--- can happen in the next year or two that's going to change pricing for the worse?"

 

The TD report also forecasts the average price of Toronto resale condos will hover between $230,000 and $250,000 for the next 12 to 18 months.

 

Stephen Dupuis, president and CEO of the Building Industry and Land Development Association (BILD), agreed now is a good time to buy.

 

"I almost never say it, but I have no trouble saying it today," Dupuis said. "For people trying to time the market, their window of opportunity is, I'd say, over by the end of the summer."

BRYN.WEESE@SUNMEDIA.CA