The Altus Group statistics are out for new home sales across the GTA 2017, and what a year it was for condos! New home sales across the board were the fourth strongest since 2000, and 82.5 per cent of the 44,143 homes sold were condominium apartments in low-, medium- and high-rise buildings, stacked townhouses and loft units. That was the highest number of condo apartments sold in any year in the GTA.
Why is this trend in condo sales continuing and increasing? In a nutshell: price, supply and demand, and lifestyle. Although the benchmark price of new condo apartments rose to $716,772 (41.3 per cent over December 2016), that is still a far cry from the $1,225,774 for low-rise homes. In addition, new home inventory is down dramatically. Add to that the fact that many people today, from first-time buyers to empty-nesters, lead hectic lives and long for the carefree living condos offer. We also have an aging population of retired individuals and couples who appreciate single-level, low-maintenance living.
Of course, investors represent a significant portion of condo purchasers, because they realize a great investment when they see it. I cannot say it enough: for a wise lifestyle and financial investment, GO CONDO!