I have always said that people create the economy, and when they feel good about it, they buy homes. According to the Canadian Real Estate Association (CREA), in April, sales on MLS systems across the country increased 4.2 per cent year over year, and 3.6 percent month over month. (https://bit.ly/2GpPPQK) Greater Toronto Area sales were a driving factor in this gain.
We also know that in the new homes arena, condominiums are the driving force, and in the first quarter of 2019, the construction of condos hit an all-time high. According to Urbanation
(https://bit.ly/2YRax3y), which tracks the GTA condo market, there were 242 projects underway, representing 71,378 units. In downtown Toronto alone, there were more than 100 cranes. Developers can begin construction on condos only when they have substantial sales, so this flurry of activity is an exciting step in our local economy.
According to BILD (https://bildgta.ca), the home building, land development and professional renovation industry is one of the largest in the GTA and represents $30.2 billion in economic value (7 per cent of Ontario’s Gross Domestic Product). This also represents billions in wages. When home-buyers show faith in our economy, in turn, they help to improve it with their purchase decisions.