Over the past few years, condominium sales in the Greater Toronto Area have broken long-standing records and continue to take centre stage in the new home, and even resale marketplace.
In a recent article, George Carras (president of RealStrategies Inc. and the founder of RealNet Canada Inc., which is now part of Altus Group and provides monthly sales statistics to BILD) mentioned condos as the way to go for attainable homeownership, but added that finding available choices can be a challenge. From January through April of this year, sales of new condominium suites far outpaced the availability of the built, ready-to-move-into supply, resulting in most buyers looking at waiting years for occupancy.
As for resale, the Toronto Real Estate Board reported that condo sales in Toronto are up 36 per cent this year, yet available listings are down 26 per cent. People still line up to buy condos, as prices for low-rise homes continue to skyrocket. Ferocious land costs, new development charges and the never-ending increases in materials and labour costs combine to set the scene for even more price rises for both low-rise and high-rise.
The moral of the story is to get into homeownership as soon as you can, while mortgage rates are still low – and condominium is likely the way to go. For unbelievable value, check out condominiums in the 905 areas, where prices are more competitive.