Last few years have seen a great investment and positive market trend in the sales of Toronto new condos
, but this year, 2013 may not be the best time to invest in new condos in Toronto. The sales of new condos have declined this year, the number of pre-construction condos is great in this year and most of them will be completed this year, so many new condos would be ready for purchase when the sales are already weak.
Slow population growth is also a concern for Ontario province, number of people migrating into the city is slow as compared to previous years, the population growth is dramatically slowing, and also the number of people migrating from Ontario to other places is high. It can sound as an affirmative sign for the investors that prices of new condos have reduced in Toronto due to fewer sales, so maybe it is a good time to buy a new condo if you are a home buyer, but this is not the right time to resale a condo. During the Toronto condo boom, many builders were developing too many condos and in a hurry to capitalize on profits that never cared much about the durability and construction material, many condos are designed in a way that various weather conditions can affect them.
For example, many Toronto new condos have floor to ceiling glass instead of a brick wall and windows, in extreme weather conditions these windows can fall out, according to critics. So, if you are interested in buying a new condo, do focus on its design, layout, construction material, builder, developer, and get it inspected by a home inspector. Also, there are ventilation problems in many newly developed condos due to lack of proper windows, glass walls are also not energy efficient as compared to brick and mortar.