Canada’s largest city, Toronto, tops the list for most expensive city in Canada and condo prices are only expected to rise in 2013. Reports state that the surging population growth in the bustling metropolis will stimulate the demand for small, compact dwellings in the heart of the city.
Already the surging demand for condos and 17% jump in population from 2006 have sparked jumps in pricing for the previous few years and in 2013, Toronto condos are anticipated to increase by 2.5 percent.
Rising prices for single detached homes are encouraging first time buyers to consider condos, drastically improving sales for multi-dwelling units. The sales will soften to a moderate level in 2013. Also, condo re-sale prices are projected to increase next year in seven of eight metropolis centres studied.
Additionally, with the news of rising prices, Jim Flaherty and the Bank of Canada warns against household debts, labeling it as the domestic economy’s #1 enemy.
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