Toronto Condo Market - Globe and Mail article today

Up with the birds this morning and thought I'd wait until at least 6:30 a.m. to talk about the grim news in the The Globe and Mail's GTA edition, nothing like starting your day on a positive note, right?  I waited until I had at least 1/2 a cup of tea and a full stomach to read Sheryl King's article - 'Prognosis Grim for Toronto Condo Investors'.  While it is a thought-provoking read and Sheryl includes realistic number crunching for those of you who are considering investing in a Toronto condo, I am reminded of what I tell people who rely solely on the opinion of one person, that is the opinion of ONE person. Yes, I realize that Sheryl is a macroeconomic strategist with over 20 years of experience and I don't belittle that.  I think it's a great article but it shouldn't let you stop from thinking that the condo market is for you.  Not everyone is thinking long term investment - I have a number of clients moving from overseas who want to find a central location to call home until they get a feel for the GTA and figure out what area best suits their family's needs.  I agree with Sheryl that there are a large number of condos for sale in Toronto currently; however, this is a 'normal' market and some properties, except for some anomolies, will sit longer than the typical 2013 first quarter average of 36 days.  It's also been my experience, in recently showing a number of buyers condo properties in Toronto, that, when there are a large number of properties to compare with yours, if you are thinking of selling, you have to stand out from the crowd - why should your condo be priced different than the same model in the same building and why would my buyers be thrilled to call it their home?  Yes, a prudent investor should crunch the numbers, who would want to purchase a condo with the intent to lease without considering all costs related to the running of the condo.  So, with that being said, if you'd like to have a conversation on what best suits your needs, if you are looking at the condo market in Toronto or you want to find yourself at home somewhere else, please remember that I'd love to chat and that I take 2 1/2 milk in my coffee.

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