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Lots of cranes, few sales
The state of Toronto’s condo market:
Despite a record number of construction cranes gracing the horizon, Toronto’s once thriving new condo market hit a dismal sales low in the first quarter of 2009, according to an industry analysis revealed yesterday. Urbanation Inc., which researches the development industry, reported that the number of sales recorded during the first quarter dipped to 917 units – the lowest level since 1996 and a far cry from the high of nearly 7,000 units sold in the second quarter of 2007.
“It’s a decline of 73% over the performance of last year, of 2008,” said Jane Renwick, executive vice president of Urbanation. “The market really came to a halt in October, November and we haven’t picked up momentum through the first quarter.
See article by Allison Hanes, National Post »
May 12, 2009 in Toronto Real Estate Trends | Permalink
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Comments
Take your real estate classes but also take a basic accounting course, real estate law, any finance course and a course in public speaking. Don't laugh, you will use all those courses through your career. Also start talking to various brokers and let them know you are taking classes. Whether taking college courses along with taking real estate classes from various real estate companies or independent real estate schools be aware of the market you are in. Also talk to lenders so you know some of what is needed for your buyers. Please learn about Title & Escrow as well. Once you hang your license make sure you become a Buyers agent first not a Sellers agent. When you start with buyers you will be learning along with your buyers some of the issues that can come up in a transaction. If you start on the Sellers side you will be on the losing end of every transaction as most seasoned agents know who is new, knows the contingencies that will let them get out of the contract and you will be left standing holding the bag.
Posted by: scottsdale luxury homes | May 20, 2009 12:52:17 PM
"from the high of nearly 7,000 units sold in the second quarter of 2007."
As they say in investing these guys are holding a bag.
Posted by: Investor | May 13, 2009 11:12:04 AM
