High-capacity multi-family housing will soon become the primary budget choice in the Greater Toronto Area, especially in the western part of the region.
“Freehold properties remain the choice of most purchasers in Halton Region and Toronto West,” RE/MAX of Ontario-Atlantic Canada executive vice president Christopher Alexander said. “The same is true to a lesser extent in Toronto Central, but condominiums continue to gain ground.”
“Just over one in three properties sold in the GTA was a condominium in 2018 and that figure is higher in the core. As prices climb in both the city and suburbs, the shift toward higher-density housing will continue, with fewer single-detached developments coming to pass.”
Indeed, Halton Region – which includes Burlington, Halton Hills, Milton and Oakville – represented as much as 10.1% of the GTA’s residential property sales as of the end of 2018, growing by 2.3% in the 5 years prior. Toronto West also climbed by nearly 1% during the same period, to a 10.5% share.
Read more: TREB offers positive outlook for sales, price growth in 2019
Much of Halton Region’s activity stemmed from popular clamour for affordable housing, which led to greater and faster construction in the area.
“Product was coming on-stream at a time when the Greater Toronto Area (GTA) reported its lowest inventory in years and skyrocketing housing values were raising red flags. Freehold properties in the suburbs farther afield spoke to affordability.”
New housing starts in Halton Region stood at an average of 3,100 annually between 2013 and 2016.
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