Jan 10, 2013
By Jane Brown
It could be a lucrative year for Toronto empty nesters who are considering downsizing their homes. Sotheby’s International Realty Canada predicts 2013 will be a good year for anyone selling a top end house worth at least a million dollars. Sales of such homes in Toronto showed a modest increase from 2011 to 2012. And zoomers buying condos this year will be purchasing as the market softens. Zoomer Media Financial Analyst Kim Parlee of TD Waterhouse says she expects condo prices will continue to decline. “The pace of construction really does appear to be outstripping demand and price growth, particularly in the condo market. So I know TD Economics is a little concerned about this right now. So just watch the condo market in Toronto. They don’t see the housing start numbers being sustainable.”
A report by Royal LePage earlier this week also suggested the condo market will continue to soften, except for older, larger buildings in better neighbourhoods.