Last year was dubbed the year of the condo in high-end markets. While real estate transactions in general were a little less strong in 2017, condominium sales continued to thrive in Ontario and in the rest of Canada. In fact, condo sales in Toronto area in 2017 were up 82 per cent from 2016, with a 59 per cent increase overall in the region.
Many urbanites are turning to condos for the lifestyle they provide. They come with party rooms, gyms, swimming pools and often communal gardens. With these added pluses, those in the market don't have the added space worry when looking to purchase. The lock it and leave it mentality has continued to flourish in larger Canadian cities like Toronto, Vancouver and Montreal. Condos also continue to be seductive to the savvy real estate investor.
Experts believe the condo sector of the market will continue to enjoy record-setting sales, especially in the luxury market where purchasers don't particularly have to worry about mortgages and interest rates. Nor do they have to pay heed to the federal government's new mortgage stress test that many would be purchasers have to pass. Even if they get a mortgage rate below prime, the government wants to make sure they can afford the prime rate should interest rates rise.
A real estate lawyer in Canada is up on all aspects of the market, including laws governing condominiums. Whether on the purchasing or selling end of a deal, legal counsel will ensure a deal goes as smoothly as possible. When there are millions of dollars on the line, good legal advice is invaluable.
Source: thestar.com, "'Year of the condo' dominates 2017 Toronto luxury market", Tess Kalinowski, Jan. 10, 2018