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Toronto condo market. Shocking numbers!

April 25, 2014 - Updated: April 25, 2014

RealNet Canada Inc. reported that sales of new condominiums in the Greater Toronto Area (GTA) rose to 2,496 units in March, 2014, more than double the number sold in March, 2013. New condominium sales in March, 2014, reached a record level for the month of March and were significantly higher than the average of 1,753 units sold in March over the past 10 years. The benchmark price of a new condominium in the GTA increased by 1% to $436,898 in March, 2014, while the average price per square foot declined to $548 from a peak in February, 2014. The benchmark unit size increased slightly to 797 square feet in March, 2014, from the February low, but increased from closer to 900 square feet five years ago. (G&M, Apr 17, Sales of new condos in Toronto ramp up)

According to Royal LePage, more condominiums are currently being built in Toronto, Vancouver and Montreal than are needed based on demographics. There are 44,000 units being built in these cities, whereas the requirements are between 26,000 and 32,000 units. Nonetheless, a crash in the condominium market is not expected because of demographic shifts, immigration and a preference for high-rise living in big cities. About 25% of people in Greater Vancouver now live in condominiums and buyers are increasingly turning to condominiums as detached houses become more expensive. (G&M, Apr 17, Sales of new condos in Toronto ramp up)

Tagged with: toronto real estate news
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Serge Rybitsky Sales Representative

ROYAL LEPAGE Terrequity Realty Brokerage

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