Soon, the March 2016 statistics on new high-rise sales in the GTA will be available from Altus Group through BILD, and it will be interesting to see how things are shaping up. February stats were fantastic: 1,849 suites sold that month, well over the 1,539 for February 2015, and 1,214 in the same month in 2014.
Simultaneously, Urbanation reports that in the first quarter of this year, the increasing prices of homes in the GTA have eliminated many would-be buyers who turn to renting as an alternative. As a result, rents have risen substantially. According to the Toronto Real Estate Board, average rents have increased 6.8 per cent from March of last year, and the average price of a condo in the GTA in March was up 4.3 per cent from a year earlier. With rents rising more rapidly than condo prices, investors are recognizing the wisdom in buying new condos.
The 905 Regions that surround Toronto (Peel, Halton, York, Durham) are residential hotspots, especially for condos – and for many other good reasons. Far from being the bedroom communities of 20 and 30 years ago, these areas are now thriving places where people can live, play and work. Parks, lakes, great shopping, excellent education facilities and entertainment venues … there is something for everyone. Transit continues to improve and expand into these locations, and prices are still economical compared to the City of Toronto. Even so, a scarcity of land for low-rise development across the 905 has placed single family homes, and even townhomes and semis, out of the financial reach of many buyers.
Attention to, desire for and demand for condominiums has grown, and the 905 developers are responding with fantastic choices. An example of a master-planned community that offers all of these benefits is Downtown Markham, where a new campus of York University will be built. Remington Group’s York Condos, now selling into its second phase, places residents in the midst of an enviable roster of amenities including restaurants, offices, trails and green space. Easy access to public transit has them at Union Station in half an hour. To find out more about York Condos, visit DowntownMarkham.ca.