The Toronto Condo Market This Week (June 12, 2015)

The growing gap between soaring housing prices and stagnating wages may open up a large secondary market for condo rentals in the very near future, according to a new report from Colliers International.

At last it seems Toronto’s east end is getting the attention it deserves. Well, from developers, at least. East of Yonge St. and in to Scarborough, mid and highrise residential buildings are appearing in newly desirable locations that boast convenient access to public transit and, in many cases, a short commute time from the downtown core.

Canada’s housing market continues to fly high with building permits soaring by 11.6% in April and housing starts surging in May, defying expectations of a slowdown.

National Bank says more than 2,800 condos were available last month to be sold or rented based on information collected from the Canada Mortgage and Housing Corporation and the Toronto Real Estate Board. But Marc Pinsonneault, senior economist with National Bank Financial, says there is no cause for concern at this point about a future condo glut driving down prices.

Grid Condos is a new highrise residential condominium development in the heart of Toronto’s Learning District. The contemporary structure will cater to the needs of the 21st-century student, with study rooms and private cubicles with plenty of outlets for laptops.