BILD has announced the RealNet Canada Inc. statistics for new home sales across the GTA for 2012, and once again, they show a marked preference for high-rise condominiums. Total sales of new homes achieved the second-lowest since 2000, largely because of the scarcity of land for low-rise developments. High-rise condo sales, however, were the fourth-highest since 2000. The 237 condominium projects currently underway include 60,713 units, and 88 per cent of those are pre-sold. Talk about demand – and we have the condominium supply to meet it!
Many factors are affecting this trend, including the lack of low-rise homes to choose from. Condominiums offer more attainable price points for first-time buyers, and both old and young are realizing the benefits of living in a home where maintenance on the exterior and common areas are handled for them – freeing up precious time. We have a steady influx of new comers to Toronto from cities where apartment-style living is the norm, so their natural inclination is to purchase a condominium suite. Add to that the fabulous locations, architecture, amenities, suite design, appointments and quality that today’s condos offer, and the demand is bound to continue for some time to come.
This momentum is carrying us into 2013 with excitement. The bottom line is that with mortgage interest rates still low and the amount of competition among developers, NOW is a great time to get in on condominium ownership. It is a wise investment in your future in more ways than one!