Real estate property experts around the globe have been a little perplexed and more than disappointed by the markets the past couple of years. Looking back over 2010, there are only two words that described the condition of the property market in Toronto, Canada ? ?smokin? hot?. In this rather unanticipated year of years, property values in the area defied the largely downward pattern of the worldwide 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 exciting in the Toronto real estate property market. So, if Toronto defied all odds in this dismal economy recently, what are the forecasts for next year? Pundits are forecasting that while there may be some cooling trends in 2011, buyers and sellers of condominiums and lofts in the hot Canadian markets will still have some very compelling opportunities next year.
The Canada Housing and Mortgage Corporation (CHMC) forecasts that in the province of Ontario, the overall real estate market is prone to see a bit of a decline next year. This may occur for many reasons, but the two elements that are expected to be the most important are:
??? ?The sluggish global economy leading to overall financial instability.
??? ?An anticipated 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 consequence on suburban real estate, and that ? particularly when it comes to city real estate such as Toronto luxury condos, the market will stay driven by want rather than the cost of money.
Urban properties are, and will very likely remain hot commodities for many reasons. Young, upwardly mobile citizens covet these types of dwellings for the advantages and proximity they offer to both their workplaces and the active city nightlife. However, condominiums and lofts also appeal to elderly and empty nesters that are looking to smaller, more manageable houses, but still want to be in the midst of the urban life.
It is very likely that lofts will always draw artists and artisans who want that slightly atypical style abode that provides open spaces, lots of brightness, and a living space that can also function as a projects studio.
While building remains a flourishing business in urban Ontario, with more intended, it is still possible that demand will exceed supply. This would keep the Toronto real estate market hot for the foreseeable future.
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- Investing In Real Estate In Any Market
- Why should you purchase a home in 2011
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