New Condo Sales in the GTA increased to 22,059 in 2007, up until the end of November 2007.

Surprisingly, new Condo sales were 17,693 in 2005 and 17,617 in 2006. A lot of analysts and economists  predicted a slowing down with a glut of supply and shrinking prices but the demand continues in Downtown Toronto, North York, Mississauga,  Markham and Richmond Hill.

The biggest reason for this remarkable demand is affordability. First there is a very competitive Condo Market in Toronto with many developers offering upgraded Suites, great locations and many many amenities such as swimming pools, media rooms, exercise rooms, to name a few.

Affordability also helped with varied financial institutions offering a host of payment options and lately 40 year mortgages that make some Condo payments very similar to paying rent for a similar suite.

 Affordable downtown Toronto Condos and Lofts can be found on my Toronto Real Estate Website.

In a new report from a leading Financial Company (Genworth Financial Canada) and the Conference Board of Canada, Toronto Condos are forecast to increase 2.9 per cent in 2008 compared from 7.6 per cent in 2007.

Toronto median resale prices are expected to rise to 236,351 in 2008, due to the affordability compared to detached homes and semi-detached homes.

Vancouver Condos in comparison are forecast to rise to a median resale price of $346,713 in 2008, an increase of 5.7 per cent.

Vancouver Condos have risen in price by an average 15.4 per cent annually over the last 3 years and are seen to increase 3.5 per cent per year to $389,344 by 2012.

Toronto Condos will continue to offer solid opportunities to all segments of the new and resale market including first-time buyers, move-up buyers and empty nesters. More important new segments of the market like single Toronto female condo buyers are also beginning to enter this exciting market.

Affordable Toronto Condos can be found on my Toronto Real Estate website that includes new and resale Condominiums, Lofts and Homes for sale.

With Toronto Condos slowing down but increasing towards 2012 the savings on the average Condo resale price now should be approximately $38,780.

Average resale Toronto Condo Price:

2007 Forecast $229,708

2008 Forecast $236,351

2009 Forecast $242,254

2010 Forecast $250,623

2011 Forecast $259,507

2012 Forecast $268,488

Relax, the Toronto Real Estate future should be a moderate market in 2008, without the doom and gloom associated with the U.S. style meltdown.

Recent media have focused on sales adjustments in the Real Estate Market but as yet the average home prices are increasing at a moderate rate and in Toronto, certain areas like the Downtown Toronto Condos Market have increased in sales price in comparison to the average increase of other Condos throughout the GTA,(Greater Toronto Area).

Most Economists do not see a troubled future for Toronto Real Estate, partly because our economy is strong and our Canadian Banks adhere to tighter qualifications for lending than their U.S. competition.

Economists from respected Canadian Universities like the University of Toronto's economics department, the Ivey School of Business at the University of Western Ontario and others, all see a gradual softening of prices in the future, but no U.S. style meltdown.

One of my answers to why the Toronto Condos Market continues to increase, could be the pent up desire for Urban living, and affordable Toronto Condos, as well as Toronto luxury Condo prices, markets largely ignored for years.

Economists are saying housing is to become more affordable in 2008 due to the easing of house price growth and falling interest rates that should make mortgages cheaper.

As a result of strong job markets and low mortgage costs, Toronto Condos will be more affordable and help younger people get into the 2008 Condo market.

Nationally the new home prices for 2007 from Statistics Canada were as follows:

Saskatoon: 45.1%

Regina: 25.9%

Edmonton: 21.5%

Montreal: 4.1%

Vancouver: 6.4%

Calgary: 6%

Toronto: 3.4%

New home prices across Canada rose 6.2% in 2007, down from a annualized pace of 12.1% posted in August. Existing home prices for 2008 should moderate to about 2% to 3%.

Condos are now filling the gap for new home buyers that can not afford to buy into the increasing house prices. Financing options of up to 100% of the value of a home are also helping younger purchasers find a home.

In Toronto Condos are now 52% of total new home sales and that percentage is sure to increase even further in 2008.

The most popular Blogs on my Toronto Condos Blog chosen by my readers are as follows:

The picture above is a rendering of the popular One Bloor St. East Condo.

Top Ten Blogs for 2007:

Bloor-Yonge Condo

The Residences Of College Park

Toronto Bloor West, High Park

Milan Condominium Toronto

Affordable Toronto Condos

Thornhill Condos-Real Estate

New Toronto Downtown Condos

Toronto $15.8 Million Dollar Mansion

Top Ten Most Expensive Canadian Homes

St. Lawrence Market Condominiums

2007 was a very interesting year for Toronto Condos with more and more inventory coming on to the Market.

The Bloor Yonge Condo was the most popular Blog post and we had readers from all over the world viewing the information on this huge project.

The market for Toronto Condos is really world wide and that brings me back to the Affordable Toronto Condosblog. One Blog I really liked myself and my readers did too!

I look forward to a stronger and more positive 2008  Toronto Condos Market.

In the meantime you can view current resale Toronto Condos on my Toronto Real Estate listings website.

I must thank Google for their confidence in my blogging efforts this year,Page Rank 4, I really appreciate that.

These Condos represent less than 3 per cent of the 49,000 new Condos on the market in the Greater Toronto Area.

 Almost 70 per cent of remaining Condos, sell between $300 to $500 per square foot.

The super-luxury condominium sites include  Yorkville Area , One Bedford, Museum House, One St. Thomas and One Hundred Yorkville. Downtown we have the Residences at the Ritz-Carlton, Shangri-La Toronto and the Trump International. These Condos have prices of $950 per square foot and up.

The newest of these luxury projects include Seventy Seven Charles just over $1,000 per sq. ft, and the Four Seasons Private Residences averaging $1,350 per sq.ft, and finally Living Shangri-La averaging $1,100 per sq. ft.

Compared to World Standards Toronto Condos are still affordable and a great deal. New York City Condos in 2006 averaged  $1,120 per sq.ft compared to Toronto's $379 per sq.ft

The current Toronto Condo Market is still driven by affordability and first-time buyers. Some 200 new Condo Projects are priced within reach of downtown professionals and are located in prime locations with all the  luxury amenities.

It will be interesting to see how all of these new projects are absorbed and how high prices will go. Also interesting will be if the super-luxury Condos will affect the rest of the remaining condominium market.

Right now, two new projects nearing completion, The Residences of College Park and One City Hall are very popular on my Toronto Real Estate website and my Toronto Condo Blog. Once they are registered we should see a lot of activity in the resale market and some price appreciation.