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).
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.