In 2015, there were 41,295 new home sales in the GTA, and 21,658 of those were high-rise! This year has seen tremendous results as well. From January through May, 19,913 new homes had already sold, with 10,571 of them being high-rise. Once again, we are having a strong year for real estate, especially condominiums – and with our low mortgage interest rates, the pace is not likely to slow in the near future. Condos have proven a mighty force in the market for many reasons, beginning with price attainability. Yes, prices have gone up over the years, but at a slower pace than low-rise homes. Other indicators in place hold much hope for the remainder of this year and beyond.
RBC’s Provincial Outlook published in June states that our province is “On a roll and poised to outperform.” In fact, the report goes so far as to predict growth in Ontario will be the strongest in six years. RBC credits investment in new and resale residences key to spurring economic activity here. With interest rates remaining low and the Canadian dollar holding its own, Ontario is likely to outperform the national economy for the third straight year.
This is wonderful news for all Ontarians, especially those involved in the new condominium industry here. And by here, I mean the Greater Toronto Area. Of course, new condo sales are robust in the City of Toronto, but keep your eye on the 905 areas surrounding it, where condos are selling like hotcakes. The headline story for Baker Real Estate Incorporated this year is phenomenal success with product launches in the 905. In particular, our clients in Vaughan and Markham were sellouts. There is also exciting activity going on in Richmond Hill and Oshawa.
In addition to being attracted by price points, many buyers in the 905 areas are thrilled with the availability of new condominium choices for the first time in decades. As the 905 infrastructure materializes with transportation routes, shops, cinemas, restaurants and other conveniences going in, the residential picture is rosier than ever before. The economy is good, choices are fabulous, and when it comes to condominiums, the 905 is full of surprises!