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.

This entry was posted on Wednesday, March 5th, 2008 at 12:33 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.