You may have heard that in order to buy any type of home in downtown Toronto, you have to command a six figure a year income. While that may have been true just a half a decade ago, it seems to no longer be the case. Toronto mortgage brokers are able to offer loans that most people can afford, even on condominiums in the heart of the city.

There are lots of different reasons for this change. Probably the most significant is the fact that condos are not the rare luxury they were a decade or so ago. The popularity of these units and developments amongst the wealthy led to a massive surplus in the Toronto area, and as it so often does the surplus meant condos could be purchased at lower costs than previously. If you compare the Toronto and Windsor Ontario real estate listings, you will see many more condo units advertised in Toronto even per capita than everywhere else.

Neighbourhoods that were almost defunct in the city now boast some of the newest and most popular condominium developments to be found in the city. Partly that popularity is due to the appeal of condos themselves (they are seen as a higher end alternative to Mississauga townhouses for sale and other alternatives to the detached dwelling) and partly due to the lower costs. In turn, that popularity is leading to still more developments, in turn to lower costs once again.

Of course, availability alone doesn't account for lower condo prices. A huge factor in the affordability of a downtown Toronto condo today is the real estate crash of 2007. While Canada was not affected to the same degree as the United States, people did become a lot more wary of taking out large mortgages that they might not be able to afford at a later date. Without people paying the higher prices, condo companies began to drop theirs in order to continue making profits. That meant lower prices for anyone looking for a nice downtown Toronto condominium.

Don't get us wrong; when you are looking for condos for sale in Toronto you are still going to find prices higher than most other locations in the province. A condo in Toronto will cost much more than a London Ontario condo, with all other things being equal. On average, those prices will be about $40,000 more in the big city. Still, prices in Toronto for a condo are still lower than those in the bigger cities of Western Canada, where a price reduction has simply not occurred yet. And with the job market alive and kicking in Canada's biggest city, more people can afford condos here than ever before.