Condo sales for that month were 81% above the 10-year average of 2,697, and the highest October yet recorded. 4,884 units sold in October were multi-family homes, and a total of 5,377 new homes were sold in the GTA for that month.
Year-to-date, 39,476 new homes have been sold in the GTA in 2017, with 82% of these being condo apartments in high-rise and mid-rise buildings and stacked townhomes.
“October data shows that the new homebuyer is left with very little choice when it comes to purchasing a new home,” BILD president and CEO Bryan Tuckey said.
“Provincial intensification policy has our members building more high and mid-rise dwellings making housing choices a challenge. The cost of a single family home is out of reach for many consumers pushing them to buy a condo over a house. As a result we are seeing record breaking condo sales and higher prices this year for new low-rise homes.”
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While supply of new housing increased again in October and reached 12,500 units, it is still far below healthy levels. At the end of October, there were 9,308 multi-family homes and 3,192 single-family homes available in the GTA.
“Demand for newly-built condominium apartments is being fueled by three key buyer groups – small investors who have become the de facto providers of new rental housing supply in the GTA; end user buyers who might prefer a single-family home but are seeking out more affordable options; and the more traditional end users who value the lifestyle and amenities of well-located projects,” according to Patricia Arsenault, Altus Group's Executive Vice President of Research Consulting Services.
Interested parties can view BILD’s full report here
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Sales of high-rise and mid-rise units drove new condo sales volume in the Greater Toronto area in October, according to fresh data from the Building Industry and Land Development Association (BILD).