Brokers in one of Canada’s hottest markets will continue to enjoy an influx of business, as sales have surged despite the naysayers.
YTD high rise sales eclipsed the ten year average (with 10,989 condos swapping hands) and YTD sales in low rise homes fell in just under the national average (9,564) in the GTA, according to Realnet.
“About 70 per cent of the new supply introduced in the GTA has been located within the boundaries of the City of Toronto, with only 16 per cent in the 905, and 13 per cent in suburban Toronto markets (Etobicoke, North York, Scarborough, East York and York),” Realnet president, George Carras wrote in his column for the Toronto Star. “But there has also been a record level of new supply in the City of Toronto, relative to the rest of the GTA.”
The ten year average for high rise sales in the GTA is 9,408; the ten year average for low rise sales is 9,636.
The data shows a rebound from lagging sales in 2014, which saw a mere 6,030 low rise units sold and 7,562 units sold. According to Carras, the bounce-back signals developers have their finger on the pulse of what buyers desire -- which means the surge may very well continue.
“This rise of momentum in new condominium sales across the GTA suggests the market is responding to having the right high rise product offered at the right price, and in the right locations,” he wrote in his column.
Moreover, both low rise (2,020) and high rise (2,588) new home sales eclipsed their respective ten year averages.