Due to rising commodity prices, there has been a boom in employment across the country in just about every sector. Employment was at its strongest in the western provinces, such as BC and Alberta, because of an incredible growth in the mining, oil and gas industries. However, other industries also grew, such as health care and social assistance. Toronto experienced employment growth as well, though at a slower rate than some other major cities across the country.

And when people find a job and make money, they spend it. That’s one of the reasons why the real estate market is doing so well these days.

Unfortunately, while jobs were aplenty in several industries, factory workers weren’t in such demand. As the Canadian dollar appreciated, more factories took their operations offshore from 2001-2006, cutting 136,700 jobs over this period.

If you think that buying or selling a condo in the city is risky this year because it was just too good last year, think again.

The results of an analysis of the real estate market in Toronto may assuage your fears of an impending crash.

Several reasoons to remain optimistic have been provided by a leading consulting firm specialising in the industry. The firm, Shim Consulting, has analysed the current market, the economic state of the city and country, demographics and other conditions to support their optimistic outlook. Their findings were presented at a Genworth Financial seminar.

1. Despite rising condo prices, affordability has been maintained due in part largely to being a (generally) less expensive alternative to houses and low mortgage rates.

2. The population continues to grow, with factors such as aging and immigration setting a favourable atmosphere for the condo market. Unemployment rates have been at their lowest in years, and the job market is diverse, spreading across several sectors.

3. There are few unsold condos on the market.

These are just some of the reasons that support a bright future for the Toronto condo market. So according to the big players in the industry, 2008 is going to be another great year.

Yonge Street, and its continuation, Highway 11, serves as one of the main commercial areas for several cities and towns in the country. Spanning across Canada, Yonge Street starts at the foot of the city, at Queens Quay, and runs straight north then northwest. Several condos, such as Minto Midtown and Aura, are located on this busy artery.

Recognized as the longest street in the world, Yonge Street’s originally purpose was as a military route to the city for British troops posted in the Upper Great Lakes area. They were protecting the country against the American threat.

Lieutenant Governor Simcoe initiated construction, and named the street after Sir George Yonge, his friend. Ironically, Sir George Yonge never visited the town of York (the original name of Toronto).

The first stretch of Yonge Street, ending at Lake Simcoe, was completed in 1796 by a team led by Augustus James.

As one of the hottest new developments in the city, Aura at Yonge and Gerrard is ready to sell its units - almost.

If you haven’t already seen the lineup at Aura, you’ll probably hear about it in the news. The media loves to pick up on these types of stories, especially when it’s about the hot Toronto condo market. Remember 1 Bloor? People, shivering in the freezing temperatures of a Canadian winter for days, just to be able to get the sweetest units in the building.

Well, for Aura, the lineup apparently has already started - 2 weeks before the sales event on March 8. People were out there just this past weekend. I guess it comes to no surprise, since Aura is scheduled to be one of the highest residential buildings in the city at 75 storeys. The move-in date has been set for June 2012.

Hey, if you’re going to be checking out lofts, you might as well get with the lingo so you can keep up with what your real estate agent says.

HARD

If your agent tells you that the place you’ll be checking out is a “hard” loft, it’s what most of us traditionally envision of a loft: those high unfinished ceilings with exposed beams and brick, no walls anywhere except to separate the bathroom, and (usually) visible ducts or plumbing. The windows are also “warehouse style”. No fancy decorations or finishes here. It’ll be just a plain space often featuring the original structural workmanship, which is why it’s so popular! A hard loft is a residential building space that was once a functioning warehouse or factory. A good example of one in Toronto is The Broadview Lofts. Once a Rexall Drugs warehouse constructed at the turn of the century, The Broadview Lofts has all of these features plus a number of amenities that have been added to serve its residents - something that is hard to come by with hard lofts.

And remember: hard is synonymous with “true” in the world of lofts.

SOFT

For a “soft” loft, be prepared for something different from your traditional expectations. Ceilings can be lower, with no real minimum height but typically higher than a condominium unit. There is no exposed brick, beams, etc. The unit has been totally finished, but with big windows and more open space than a condo, which means less walls. Soft lofts are not converted warehouses or factories. They were built for the whole purpose of becoming a residential space.

Zed is a soft loft in downtown Toronto.

Looking to increase your home’s resale value? A few renovations and a fresh coat of paint may do the trick.

Some of the easiest ways to boost the attractiveness of your home and make it appear well-maintained are things that many of us can do ourselves. Cleaning up dirty floors/carpet may be time consuming, but it does make an incredible difference in how your home looks. Plus, if you paint the walls, preferably in neutral and pale colours like white or beige, statistics have shown that it does actually boost property value, and you’ll get at least 60% back of what you invested in the paint and supplies. While it isn’t exactly 100%, it does help make your home look brighter and larger.

If your home doesn’t really need any renovations or remodeling, don’t fix what ain’t broke. But if something needs to be improved, do it - especially if it’s the bathroom or kitchen, the two places that most buyers tend to concentrate on more than the rest of the home. So, if your kitchen looks like it’s still stuck in the 70’s, or your bathroom has cracked tiles and a dirty old toilet, then fix it! You’ll get at least 65% back of what you’ve spent to renovate, and chances are you won’t have to sell your home with the dreaded label, “as is”, seriously compromising the asking price.

According to the Toronto Real Estate Board, resale homes didn’t do so well in the first couple weeks of February. Resale home transactions were down by 14% when compared to figures last year. For the first two weeks of February 2008, 2,775 transactions were recorded, while in 2007 in the same timeframe, there were 3,240.

Some factors blamed for this decline included the heavy snowfalls and cold weather experienced in early February, since this makes it more difficult to show houses, which leads to more sellers reluctant to list.

But, hey, at least the average price rose to $385,735, up from $358,533 recorded around the same time last year. Plus, with homes on the market for an average of 31 days instead of 35 for 2007, it doesn’t seem so bad, does it? The Toronto real estate market is still hot.