As Canada’s largest city, and the fifth largest city on the continent, Toronto finds that its space is at a premium. As a result, the trend in most of the city for home buyers has changed from a preference for single family dwellings to a marked increase in the purchase of condominiums.

Not only does a condo mean a good return as far as price due to the omission of land purchases (and property taxes!) it also provides several advantages as far as big city living.

To start with, condominium buildings are often situated within the heart of a city’s retail centre. This means that condo owners are never very far from the action, whether you are looking for a short commute to work or easy access to amenities such as public buildings, restaurants, and shopping areas. In addition, the purchase of a condo means community living at its finest, with the fees of security services and recreational facilities shared among all and the upkeep worried over by none of the condo owners.

Given all of the above, it’s easy to see why condo price trends have continued upwards throughout 2006 and into 2007. In fact, condominium purchases in Toronto have proven to be a safer investment than real estate purchases in most of the rest of the country, with prices steadily rising even from month to month.

Another reason for the continued upward trend in the prices of condominiums has to do with demographics. People at both ends of the real estate buyer spectrum (those in their twenties just getting into the market and those of advancing years who are cashing in) have found that condominiums are suitable to all of their living requirements, and are easier to maintain and purchase than a larger single family dwelling.

New condominium projects continue to spring up in cities all over the country, and Toronto is certainly leading the way. As soon as a new condo project is announced, there are lines at the office of the developer looking to get in the building – usually before the foundation has been laid!

Clearly, the continued upward potential of the prices of condominiums has been recognized by society; it is likely that this trend will continue well into the future. Just as with single family homes, condominiums can be purchased in a variety of different categories. High end or simply comfortable, you can purchase a condo with the knowledge that your investment is secure.