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Will The Toronto Luxury Condo And Loft Market Continue To Boom In 2011?

Author : Stephen Daniels

Real estate experts around the world have been a little befuddled and more than disappointed by the markets the past couple of years. Looking back over 2010, there are only two words that described the state of the real estate market in Toronto, Canada - "red hot". In this somewhat surprising year of years, property values in the area defied the overall downward trend of the global economy by reaching all time highs, thanks to extremely low mortgage rates and a demand for available properties that exceeded the supply - especially when it came to Toronto lofts and condos.

Times were very interesting in the Toronto real estate market. So, if Toronto defied all odds in this dismal economy lately, what are the predictions for next year? Experts are forecasting that while there may be some cooling trends in 2011, buyers and sellers of condos and lofts in the hot Canadian markets will still have some very compelling opportunities in the year to come.

The Canada Housing and Mortgage Corporation (CHMC) predicts that in the province of Ontario, the overall real estate market is likely to see a bit of a downturn next year. While there are many reasons this may occur, the two factors that will likely be the most significant are:

• Overall financial instability caused by the slow international economy.

• An expected increase in the mortgage interest rate of one and a half to two percent in Ontario, Canada.

However, there is historical evidence that suggests that 2011 predictions will have more of an effect on suburban properties, and that - especially when it comes to urban real estate such as Toronto luxury condos, the market will continue to be driven by demand rather than the cost of money.

Urban properties are, and will very likely remain hot commodities for many reasons. Young, upwardly mobile people covet these types of dwellings for the convenience and proximity they offer to both their workplaces and the bustling city nightlife. Yet lofts and condos are also attractive to retirees and empty nesters who are looking for smaller, more manageable residences, yet still want the energy of the city.

It is very likely that lofts will always appeal to artists and artisans who want that slightly different style home that provides open spaces, lots of light, and a living space that can double as a work studio.

Construction is still a booming business in urban Ontario, but with more development planned, demand could end up outstripping the supply. This would keep the Toronto real estate market hot for the foreseeable future.

Author's Resource Box

Stephen Daniels is an acclaimed internet marketing strategist. If you are looking for lofts or Toronto luxury condos, he highly recommends Ashley Fray. He was the leader in Toronto condo sales between 2007 and 2009 and is a RE/MAX Platinum Award Winning Agent.

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Tags:   Toronto lofts, Toronto condos for sale, Toronto luxury condos

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Submitted : 2010-12-22    Word Count : 1    Times Viewed: 433