The new home market across the GTA waxes and wanes, but one thing that remains constant is the solid demand for condominiums. GTA high-rise sales in September were the third-best on record for that month, and sales from January through September were 59 per cent higher than the same period in 2009. By all indications, we expect a strong final quarter, as well as an equally robust spring.
Much of this resounding success has to do with affordability. In sheer economic terms, condominiums are more reasonably priced than low-rise homes, and they offer price points that enable first-time buyers to enter the market. And with the Bank of Canada maintaining our current amazingly low interest rates, the opportunity is phenomenal.
Immigration and the influx of new residents from across Canada have a major influence as well. Those who come from cities where apartment-style living is the norm often choose condominiums when they decide to buy homes. They want to live close to transit, jobs and amenities. In fact, many condo dwellers can walk or take public transit to work, eliminating the need to own a vehicle.
Another reason why the condo scene is so electric is the explosion of demand in the 905 areas surrounding Toronto. These municipalities are conforming to the Greater Golden Horseshoe Growth Plan, and condominiums are a natural fit because they cluster residents near transportation hubs and help prevent urban sprawl.
Overall, the need for condos across the GTA will continue to increase. It’s all about the spectacular condominium lifestyle, and we are extremely fortunate to have so many diverse and fabulous choices available in incredible locations. Baker Real Estate alone is bringing in excess of 2,000 suites to the market between now and the end of the year. For an increasing number of homebuyers, condominium living offers the best of all possible worlds – and we’re ready for them!