According to RealNet Canada Inc., the sales of new condominiums in the Greater Toronto Area last month resulted in the highest March on record and catapulted 2014’s first quarter 68 per cent over last year! The statistics are so remarkable that they were reported by New York-based Bloomberg, one of the world’s most reputable and prestigious providers of international financial news and information.
We sold 2,496 condos in March, which is phenomenal, and that month’s statistics overall for low-rise and high-rise helped to create a first quarter that is among the strongest in the last decade. In fact, the GTA has experienced eight consecutive months of year-over-year increases in total sales. This is more than fantastic news; it is also continued proof that buyers have confidence in the new home market, in particular the condominium market. Time and again, the naysayers are proved wrong.
The RealNet New Home Price index reported that the average price of a condominium increased two per cent to $436,898. The average price rise for the low-rise sector was three per cent over last March, bringing it to $657,961. President of RealNet, George Carras, predicts that prices will rise as new development charges are added.
The industry website Skyscraperpage.com reports that Toronto has more condominiums under construction than any other North American city. We are the world’s condominium Mecca!