Condos Taking The Lead In The Greater Toronto Area

In Canadas’s hottest market, records continue to go down. In February, the year-over-year sale of Condo increased by 79% and outpaced low-rise units’ home sales. The Building Industry and Land Development Association (BILD) noted in its current report; “In the GTA in February, there were more than twice as many new condo apartments sold than low-rise units. Altus Group recorded 3,542 sales of condo apartments in stacked townhouses and mid and high-rise buildings and 1,541 sales of new detached and semi houses and low-rise town-homes.” The sales for a condo was more than double the decade average.

When it comes to sales, Toronto took the lead with 1,661 units, followed by York (1,299), Peel (370), Halton (107) and Durham (105). The reason why a handful of buyers are moving into the condo sector is mainly due to the surging prices and lack of cheap reasonable supply. This is causing the condo market to face inventory issues.

Bryan Tuckey, CEO and President of BILD commented; “Today in the GTA we have a scarcity of single-family ground-related housing that is not just unprecedented – it is almost inconceivable. As a result, we are seeing record breaking condo sales and continued price growth.”

In February, the units dropped to 10,342, slumping to a new low. However, that turned out to be far better than the existing availability of single-family units. In that same month, a meager amount of 1,001 new low-rise homes were present across the GTA and there were only 324 latest detached homes vacant. A decade ago, 17,304 low-rise home were obtainable and 12,064 detached homes available in that same period.