The Toronto Real Estate Board released the mid February 2009 statistics for the GTA. The number of sales to date was 2,044 compared to 2,775 in mid-February of 2008. The average price for the GTA was $385,735 in mid-February of last year compared to $364,748 this year.
In the Central District of Toronto, the average price was $400,467 compared to $434,914 last year. The number of sales to date was 816 compared to 1,066 in mid-February of 2008.
Source: TREB Market Watch
Posted in Market Information, Muddy York Quick Tip
Tagged Toronto Real Estate Market
By Roslyn Avery
This is a question often asked by our Buyers. When one buys into an existing condominium building one discovers the complete picture of this building since it has been in place for some time. The maintenance fees, any special assessments, the performance of the Property Management in running the building and certainly an overall picture of the financial stability of the condo corporation- all these factors provide for a well thought-out decision. The Buyer can get a feel for the building and its location; and also can physically appreciate the actual size of the suite. That being the case, the Buyer knows exactly what is being purchased. You know that expression “What you see is what you get.”
When buying a brand new condominium you often buy from floor plans. That being the case, it is often difficult to visualize the space that the final product will offer. It is important to be aware that these floor plans can be subject to change and you must accept that. In addition, when you move into your unit some deficiencies may not be addressed until a later date. Therefore, you must expect not to have a fully finished suite.
When buying new be aware that your occupancy date can be changed and the wait to take possession may extend for a longer period of time. Delays make your moving plans very tenuous and this can be rather frustrating as time goes on.
If you are unsure in deciding on “resale” or “new” do take your time to weigh and measure exactly what you think will work for you.
Roslyn Avery is a Sales Representative with Royal LePage R.E.S./JOHNSTON & DANIEL DIVISION. Roslyn is a regular contributor to the Muddy York Blog. Roslyn’s web site is located at www.condotoronto.net.
