The last month of 2007 was a brisk time for condominium apartments. Condo sales made up over 25% of total sales in the GTA, with buyers most interested in properties within the city of Toronto. The average price for a home in December increased by 7% compared to the same time in 2006, to $394,931.

Neighbourhoods that experienced an increase in transactions include North York (57%), downtown east (59%), and Riverdale (75%).

According to current reports from the Canada Mortgage and Housing Corporation, the average selling price for homes listed on MLS in the Greater Toronto Area has consistently risen since 1995. To this date for the year 2007, the average is $371,000.

And what’s predicted for next year? Another rise in the average price again, of course, to about $388,000.

Over 200,000 immigrants arrive in Canada every year. Settling mainly in major cities across the country, such as Toronto, Vancouver, Montreal and Ottawa, their presence is vital to the Canadian housing market. Why?

Well, a national poll conducted from September to October of this year has shown that of the 418 residents surveyed, all who have immigrated to Canada within the past decade, 52% bought a home. And not just well after their arrival. 52% bought a home within 3 years of coming to the country. While income, savings and language barriers were some key issues that made it difficult for the surveyed to purchase a home, 64% said that home ownership was very important to them and their family. This, no doubt, has contributed to the high percentage of buyers in the immigrant community.

The poll was conducted by Genworth Financial Canada, a financial security company.

Findings published by the Canada Mortgage and Housing Corporation and real estate information provider, RealNet, show the percentage of new homes sold that are condo-apartments has consistently risen over the past 7 years. In 2000, condos only represented a measly 25% of new home sales. However, compare that to this year, 2007, which shows the percentage has almost doubled to more than 50%. And it appears that the percentage will continue to rise.

So, it looks like condos will continue to be built to meet the demand, and population density will increase in cities where most condos are developed.

Good news for owners renting out their condos! Stats show there has been a decline in the number of apartment units being rented in the city, while the popularity of renting condos is booming. Generally newer, cleaner, and featuring more amenities - whatever the reason, renters are flocking to condominiums and ignoring the vacancy signs posted at traditional apartment buildings. And the most popular? One-bedrooms by far, being snatched up within 10 days on the market. Average rent for a one-bedroom in the downtown area is $1450, showing an increase of about 20% over the last couple of years.

Even after months of the “Fair Taxes” campaign by Mayor David Miller and City Councillors supporting new taxes, a solid majority of Torontonians, 62 per cent, believe that a Toronto land transfer tax is not a fair solution to the City’s financial difficulties. This was among the key findings of a public opinion poll released today.