According to RealNet Canada Inc., the Building Industry and Land Development (BILD) Association’s official source for new-home market statistics, sales of new homes and condos in the GTA are up significantly. In fact 1,154 condominium sales marked the strongest January in the last decade, up 69% from last January, and 48% above the 10-year average. And this follows the fourth quarter of 2013, which the industry publication Urbanation reported to be the best since the second quarter of 2012!
So in response to the naysayers out there, the condominium market in the GTA is alive and thriving! We see this firsthand at Baker Real Estate Incorporated, where we sold an unprecedented number of condominiums in January and February. We have seen the exciting launches of Easton Group of Hotels’ Dundas Square Gardens, Worsley Urban Partners’ Totem, and CentreCourt Developments’ Core Condos, which is currently sold out!
In BILD’s February 2014 news release, President and CEO Bryan Tuckey pointed out that overall, we have seen six consecutive months of year-over-year increases in home sales across the GTA, which means consumer confidence is strong. He adds that this is a real perk to the economy. In his words, “… today’s sales are tomorrow’s jobs.” So true! I am proud to be part of an industry that provides more than 202,000 jobs and is a major engine of economic growth in the greater GTA.
Urbanation has also predicted that 2014 will be a steady and more stable year for condo sales in the GTA, with about 15,500 sales – a substantial number by any standards. Keep in mind, too, that there is still a land shortage for low-rise development, and in Toronto, prices for low-rise homes are unattainable for most people.
CIBC’s Deputy Chief Economist, Benjamin Tal, has predicted ongoing low interest rates into 2015 and a continuing strong rental market in Toronto. Condominiums are definitely helping to bridge Toronto’s low rental vacancy gap.
All of this is great news for condominium owners, purchasers and shoppers, and validates my ongoing mantra: GO CONDO!