| By :
Stephen Daniels
Real estate property experts around the globe have been a little bewildered and more than disappointed by the real estate markets the past few years. Reviewing 2010, there are only two words that described the condition of the property market in Toronto, Canada - "smokin' hot." In this rather extraordinary year of years, real estate values in the area defied the general downward pattern of the worldwide economy by reaching all time highs, thanks to particularly low finance rates and a demand for available properties that exceeded the supply - particularly when it came to Toronto lofts and condominiums. Times were very interesting in the Toronto real estate market. So, if Toronto defied all odds in this dismal economy lately, what are the predictions for next year? Experts are forecasting that while there may be some cooling trends in 2011, buyers and sellers of condos and lofts in the hot Canadian markets will still have some very compelling opportunities in the year to come. The Canada Housing and Mortgage Corporation (CHMC) predicts that in the province of Ontario, the overall real estate market is likely to see a bit of a downturn next year. This may occur for many reasons, but the two factors that are expected to be the most important are: • Overall financial instability caused by the slow international economy. • An expected increase in the mortgage interest rate of one and a half to two percent in Ontario, Canada. However, there is historical evidence that suggests that 2011 predictions will have more of an effect on suburban properties, and that - especially when it comes to urban real estate such as Toronto luxury condos, the market will continue to be driven by demand rather than the cost of money. Urban properties are, and will very likely remain hot commodities for many reasons. Young, upwardly mobile people covet these types of dwellings for the convenience and proximity they offer to both their workplaces and the bustling city nightlife. Yet lofts and condos are also attractive to retirees and empty nesters who are looking for smaller, more manageable residences, yet still want the energy of the city. It is very likely that lofts will always appeal to artists and artisans who want that slightly different style home that provides open spaces, lots of light, and a living space that can double as a work studio. Construction is still a booming business in urban Ontario, but with more development planned, demand could end up outstripping the supply. This would allow the Toronto real estate market to remain hot for the immediate future.
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