You may have read in the media recently that a report by CIBC economist Benjamin Tal and Nick Exarhos and another by CMHC analyst Dana Senagama support what I and other professionals in the new home industry have been saying for years – that we need the new homes and condos being built to help accommodate the influx of immigrants to the GTA!
Tal points out that the substantial supply of condominiums, in particular, is balanced by strong demand, and that condos offer affordability. He also makes the observation that the exodus of first-time homebuyers from Toronto to the suburbs is reversing because of attractive condo price points in the city. Senagama mentions that although more condo units are under construction in Toronto than in past years, the share of unabsorbed units stays constant. Again, this speaks to considerable demand.
None of this is a surprise to us at Baker Real Estate Incorporated. The year 2014 has been extraordinary for pre-construction condominium sales in Toronto. In fact, we are experiencing our second-strongest year of the past decade. Baker has brought new condo residences to the market in downtown Toronto, Forest Hill, Leaside, the Entertainment District, the New East Side, Etobicoke, Markham, Scarborough, Vaughan, and Burlington. The phrase “something for everyone” is accurate. Our buyers come from all walks of life including first-time owners, move-up purchasers, investors and those right-sizing their homes for the future.
Early 2015 is already looking great as well. Looks to us like the desirability of condominiums is here to stay!