Toronto Condo Market | Condo Market in Toronto

What you need to know about condo market in Toronto today:

There is still a shortage of good condo listings in Toronto.
Owner occupiers are the major buyers in this resale market - in 2007 investors all moved to new projects, which are completing in 2010/2111. That is when you will see the market change.
The impact of the new City Land Transfer Tax will be minimal. The Ontario Government's decision to extend the first time buyer rebate for the Provincial Land Transfer Tax from new units to resale as well will encourage sales downtown and this will mitigate the new City tax. The new tax will however impact expensive properties that are on the 416/905 boundaries, but not Toronto downtown.
Interest rates are not a factor. Employment also remains strong.
More people/buyers still want to live downtown - not just those who work in Toronto downtown but also those who work in the Greater Toronto Area! And then you still have significant immigration.

How the condo market in Toronto will perform in 2008:

2008 will be a record year for condo resales downtown - at least 8% higher.
Condo prices will increase by 10% (last year was the first year of double digit increases in condos and most markets can absorb three years of double digit increases before a correction)
Look for the Etobicoke Waterfront to increase in popularity as more buyers over 50 enter the condo market. It is lower priced than either Downtown or Port Credit.
One-bedroom condos are second choice. Buyers want a minimum of one plus a den.
While condo's parking spots at $30,000 are quickly becoming the norm downtown, buyers are learning to live without a car or a parking spot!