Condo sales were up 79% year-over-year in February and far outstripped home sales for low-rise units.
“In the GTA in February, there were more than twice as many new condo apartments sold (as) low-rise units,” the Building Industry and Land Development Association (BILD) said in its latest report. “Altus Group recorded 3,542 sales of condo apartments in stacked townhouses and mid and high-rise buildings, and 1,541 sales of new detached and semi houses and low-rise townhomes.”
Condo sales more than doubled the ten year average.
Toronto led the way in terms of sales (1,661 units), followed by York (1,299), Peel (370), Halton (107), and Durham (105).
A lack of low-rise supply and, indeed, skyrocketing prices, are the market forces driving many buyers to the condo sector.
“Today in the GTA we have a scarcity of single-family ground-related housing that is not just unprecedented – it is almost inconceivable,” BILD President and CEO Bryan Tuckey said. “As a result we are seeing record breaking condo sales and continued price growth.”
That’s also leading to inventory issues in the condo market.
Units hit a new low in February, dropping to 10,342.
Still, that’s much better than the current availability of single-family homes.
Across the GTA, a mere 1,001 new low-rise homes were available in February. And there were only 324 new detached homes available.
10 years ago there were 17,304 low-rise homes and 12,064 detached homes available.
Source: Canadian Real Estate Wealth – 27 Mar 2017