The most recent Altus Group statistics released by BILD show 2016 high-rise sales in the Greater Toronto Area on track to set yet another record. As of the end of September, high-rise sales represented 60 per cent of the 34,726 new homes sold in the GTA. In addition, the average price of a new high-rise home in the GTA hit $486,602, which is up 10 per cent from last year. BILD President and CEO Bryan Tuckey attributed this to the rise in average suite size, as builders are introducing larger floorplans, as well as a growing price per square foot.
First-time buyers naturally turn to condominiums, because they are priced out of the low-rise market. The larger suite sizes builders are adding address the increasing demand from seasoned new home buyers who find that even they cannot afford to purchase a low-rise home in a market where the average price reached an unprecedented $992,231 in September. Keep in mind this includes detached, semi-detached homes and townhomes.
Condominiums in the GTA offer excellent locations, outstanding architecture, amazing amenities, and superb features and finishes. The bottom line is that condominiums in the GTA offer tremendous value, whether you are just getting into the market, or you are rightsizing your living accommodations to fit your life circumstances.