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Condo Prices Grow at Moderate Pace in Q2

Condo Prices Grow at Moderate Pace in Q2

July 18, 2012Greater Toronto REALTORS® reported 6,435 condominium apartment transactions during the second quarter of 2012 – down by 2.6 per cent compared to 6,609 transactions reported in the second quarter of 2011. New listings for condominium apartments were up substantially on a year-over-year basis, climbing by 19 per cent in comparison to 2011.

“The condominium apartment market has been the best-supplied market segment in the GTA this year. Many condominium projects have completed over the past year and this has resulted in a substantial increase in listings and ultimately more choice for buyers,” said Toronto Real Estate Board President Ann Hannah. “The greater degree of choice in the condo market translated into a moderate rate of price growth compared to what was experienced in the low-rise market segment.”

The average price for second quarter condominium apartment sales was $342,212, representing a 3.2 per cent increase over the same period in 2011.

“Sellers seemed to be well-aware of condo market conditions in the second quarter. On average, units were priced in line with buyer expectations, with apartments selling for 98 per cent of the asking price in less than a month’s time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. 6,435 6,609 Second Quarter 2012 Second Quarter 2011

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Pan Am Games

Designs unveiled for Pan Am Games athletes’ village

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TORONTO, Ont. – The design for the athletes’ village for the Pan American and Parapan American Games has been unveiled.

During the games, the area will house the thousands of athletes and coaching staff. After the games the it will be given a second life.

Officials are calling this a milestone in the development of the West Don Lands.

Toronto councillor Mark Grimes told 680News the village will transform the area.

“Very exciting time. This will be the biggest sporting event that not only Toronto but Canada has ever seen.  It’s double the size of the Olympics and to me it’s going to be absolutely fantastic for the city.”

The provincial minister responsible for the games, Charles Sousa, said a lasting legacy will be left behind.

“Hundreds of new, affordable housing units, hundreds of condo units, a brand new YMCA recreation centre.”

There will also be a new residence for George Brown College.

Pan Am silver medal winner Crispin Duenas told 680News, the athletes’ village will bring the unique and personal experience to the people of Toronto.

“For them to see the athletes, to be able to see them walking to their venues off of the bus,” said Duenas.

Ian Troop from Waterfront Toronto said the village will transform the community.

“This redevelopment will be the envy of the world,” he said.

The construction is also expected to create more than 5,000 jobs.

Construction is now underway and officials say they are on time and on budget.

Source: 680 News

 
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Posted by on May 11, 2012 in Athlete, City of Toronto, Pan Am, Pan Am Games, Pan Am Games 2015, Sport, Toronto Housing

 

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