The statistics are in for October 2017, and condominiums drove the soaring new construction home sales for the month. Approximately 91 per cent of the 5,377 homes sold were multi-family. Condo sales were 81 per cent above the 10-year average and reached the highest October on record! On top of all of that, prices were up slightly from September.
If you look at new home sales for 2017 to the end of October, 82 per cent were condo apartments in high-rise and mid-rise buildings, and stacked townhomes. In a nutshell, condos are selling like the proverbial hotcakes to three main groups: investors who are helping to provide new rental housing, end-users who can afford condos over low-rise homes, and end-users who appreciate the convenience of carefree condo living.
To say the condo market in the GTA is healthy and stable is an understatement. We may well be on track to have a record-breaking year for GTA sales. If you are thinking of purchasing a condo, NOW is the time to do it!
You can read BILD’s News Release on the October data at http://bildgta.ca/news/newsreleases.