Condo Record Sales and Construction in Toronto

Real Estate Bubble Chatter not Affecting Christopher Harrop’s Condo Sales

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Chris Harrop

Toronto Condo Source

His communication skills, relaxed style, and positive attitude combined with a firm grasp of the local market bring a steady stream of clientele his way.

Toronto, Ontario (PRWEB) August 09, 2012

Among talk of a bubble waiting to burst with regards to the Toronto condominium market, accomplished real estate agent Christopher Harrop continues to enjoy great success with his condo listings in the Greater Toronto Area (GTA). The well-educated and travelled real estate agent’s success as a top condo seller is attributed to his aptitude as a real estate sales representative.

Harrop is known to have a knack for finding out his clients’ needs and delivering accordingly. On his website, TorontoCondoSource.com, there is no shortage of praise from a number happy past clients. His communication skills, relaxed style, and positive attitude combined with a firm grasp of the local market bring a steady stream of clientele his way.

In addition, bubble talk, for now at least, appears to be overblown. According to a newly released report by Royal Bank of Canada (RBC), concerns about the Toronto condo market are simply unsubstantiated. In the report, which was released this month, the banking giant asserts that condo record sales and construction, which are the main reason behind all the bubble chatter, do not constitute a cause for alarm when put in context with the broader housing context in the GTA.

“The Greater Toronto Area (GTA) has undergone a structural shift in its housing mix whereby record-new condo sales have picked up slack left by fewer single-family homes being built.” Says the report authored by senior economist Robert Hogue. “Based on market activity to date, the total number of new housing units (condos, single-family homes, and others) completed by builders has not exceeded the GTA's demographic requirements and is unlikely to do so by any significant magnitude in the next few years.” Hogue adds.

Harrop’s areas include the Yonge and Eglinton and the Lawrence Park markets where condo sales are booming in accordance with the Royal Bank report. In the Yonge and Eglinton area, one of Toronto’s most vibrant neighborhoods, the condo market has been on the upswing for a few years now and shows no signs of slowing down. The area offers a great living atmosphere as well as modern, stylish condo units which are available for sale or rent.

Not to be outdone, the Lawrence Park condo market is also lighting up the sales charts. With a number of new condo construction underway, the Lawrence Park area market is slated to, at least for the foreseeable future, continue as a top neighborhood for condo sales. According to Harrop, sales in the area are fuelled in part by the neighborhood’s serene and tranquil setting. Lawrence Park is also known for being one of the most affluent as well as family conducive neighborhoods in Toronto.

As for worries about the high number of new construction and its effect on market prices and condition, the Royal Bank report cites the fact that while there is in fact quite a bit of construction underway, analysts need to keep in mind that condominium projects take up to three years to complete, as opposed to the single-family home construction cycle which “can be measured in months.”