Toronto condo constructions hit new record
Construction of condos in the Greater Toronto Area has ended the year on a high. Following some tough conditions at the start of 2014, not least from the freezing conditions, the market has grown sharply. Although the analysts don’t agree on an exact number they all put it around 20,000 with an increase of almost a third year-over-year. Urbanation, which estimates 21,500 units were completed this year, says that’s around 5,000 higher than average and with almost 500 projects currently underway across the GTA there should be plenty of supply in 2015 too. One of the factors driving condo demand in the GTA is positioning of developments in close proximity to transit links, popular especially with young professionals and families. Average prices have been rising of course with TREB figures showing a year-over-year increase of 12 per cent across the whole GTA to $310,220.