Lets talk condos. I’m currently looking for a 1 bedroom plus den in the downtown area or Yonge and Sheppard area. I thought my journey in home ownership would be an easy task considering the tough economic times. You might also think that my ties to the moving industry, access to packaging materials and rental boxes easy, right?

Wrong.

Unfortunately for me, the real estate Market since June has been quite remarkable. Lets look at October for a comparison to last year: the first 2 weeks of October there were a reported 3631 sales, up 34% from the same time last year. Home medians were also up 17%.

What contributes to these staggering numbers? With the attractive mortgage rates, you can find 5 year fixed rate below 4% easily. The old adage of supply and demand, while all the numbers are skyrocketing, the amount of listings is down contributing to the average median being up and the multiple offers situations.

How about getting a good deal preconstruction? Nope. Most developers right now are taking advantage of the situation and charging market value for new projects.

On a side note I looked into a listing in the King west area, ground floor unit with parking asking price was around 280,000. It sold for $60,000 over asking and in 1 day with zero conditions! What people are thinking is beyond me.

With the market being so volatile my position right now is to wait it out and let the market re-adjust itself.

If you have any moving related stories or questions please comment.

Domenic Paonessa
The Moving Store