Seven in ten new home sales were condominiums!
Condos made up a whopping 70 percent of new home sales in the Greater Toronto Area during October, and helped propel October sales to the second-highest on record in the city.
According to the Building Industry and Land Development Association (BILD), condominium sales are a hefty portion of all new home sales on average. For the entire year so far up to October, condominiums have made up just over half of all new home sales in Toronto. In October, a total of 4,535 new homes were sold in the Greater Toronto Area, with 3,159 of those being condominiums.
Low-rise sales fell only 2.5 percent in Toronto, while high rise sales increased 14.2 per cent. Larger low-rise sales decreases were seen in areas like Durham, Halton and Peel, but Peel had the highest increase in high rise sales for the month of October at 164 percent, suggesting that more people might be looking for condominiums in the suburban areas of the Greater Toronto Area.
BILD said in its report that, “Although the City of Toronto continues to account for the bulk of all condo sales, the biggest spikes in activity were in the regions of Peel and York. The high-rise housing craze has started to spread to the suburbs and it’s a trend which will continue to grow.”
According to BILD, condominiums on average are about $75,000 less than a home, which may reflect another reason why more people are choosing to buy condominiums.