The May statistics from Canada Mortgage and Housing Corp show housing starts climbed to 200,178 in May, with a majority of this fuelled by condominium builds in urban cities.
While much of this construction was based on presold units from the previous two years, Al Moosa, sales representative with Century 21, says such figures demonstrate the relative resilience of the condo market.
“Despite what is being said, demand is still there for condos, especially amongst first-time buyers,” he says. “This is not for flipping, but a long-term investment and a foot on the property ladder.”
Unlike previous years, Moosa says that potential buyers are being more selective and taking their time before committing to a purchase. “Clients are now spending more time looking at the location and its long term potential.
He adds that the booming rental rates are still influencing buyer decisions. “For investors, the potential to earn prime rental rates is still a huge factor, especially for Downtown properties. That is still a huge incentive.”
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