Tag Archives: metro toronto
Condo construction looks to spike in 2011
Stephen Dupuis – Metro Toronto
The numbers for January are in and if they are a sign of what’s to come, this year is going to be an active one for condominium construction.
Last month, construction began on 983 condominium units, according to data just released by the Canada Mortgage and Housing Corporation. To put it in perspective, this time last year, in January 2010, construction had only started on 193 condo units.
The corporation’s senior market analyst for the Greater Toronto Area, Shaun Hildebrand said it should be taken as a sign of things to come in 2011.
“Sales of new condominium units reached their second highest level on record last year, indicating that many projects will be switching from pre-sale to construction phase this year,” he said.
Last year, 20,349 new condos were sold, representing 55% of the total new home sales in 2010.
Another housing guru, the newly-decreed BILD Member of the Year and RealNet Canada Inc. founder George Carras also referred to “the seemingly unstoppable condo market” in a presentation about the region’s high-rise stock earlier this week.
Carras noted that 47% of condominiums slated for 2012 occupancy in the GTA are currently under construction and that there are more than 20,000 condo units slated for occupancy this year that are also under construction.
It all adds up to jobs, jobs and more jobs, and that can never be a bad thing.
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Contact the Jeffrey Team for more information – 416-388-1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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Toronto’s tale of two markets
Stephen Dupuis – METRO TORONTO
RealNet Canada Inc. released the December results and year-end totals for the Greater Toronto Area new homes market late last week, and when all was said and done, there were 36,803 new homes and condos sold in the GTA last year.
To put that sales total in perspective, it was better than 2009 (by 8%), it was better than 2008, and it was better than all the expert forecasts for the year. And while it was only the third best year since 2000, 36,803 units is still a healthy number from the standpoint of jobs, investment and tax revenues for all levels of government.
It really was a tale of two markets though, as sales of low-rise homes, primarily in the suburbs, were off by 10%, while sales of high rise condo suites were up 30%, resulting in the overall gain of 8%. The 20,349 new condos sold in 2010 amounts to the second best year ever for high-rise condo sales (2007 was tops).
High-rise sales did break a record last year though, taking an all-time high 55% share of total new home sales. Within the last decade, the share of the GTA housing market captured by high-rise condo developers has steadily risen from one quarter, which was considered normal, to a third, which was called the new normal, to more than 40% (we called that the Year of the Condo), to the point today where more than half of all new home sales annually are high-rise condos.
I never thought I would see the day when high-rise sales would outstrip low-rise, but now that it has, I believe the trend is here to stay.
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Contact the Jeffrey Team for more information – 416−388−1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
———————————————————————————————————————
Related posts:
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- 2011 Forecasts for the Toronto Condo and Toronto Loft Markets In this rather extraordinary year of years, property values in…
- Toronto real estate keeps moving up Greater Toronto REALTORS® reported 4,138 sales during the first two…
Avoid gridlock — buy a Toronto condo
By Linda Mitchell – Monarch Corporation
There was a time when the norm was for people to work in the city and live in suburban bedroom communities, driving back and forth each day as part of their lifestyle. During the past few years, many things have changed.
Populations have risen, more and more new homes are being constructed to satisfy demand, traffic is heavier, gas prices have skyrocketed, the bedroom communities are now hectic and fast paced (especially on weekends), and commuters are asking themselves, “Why am I doing this?” Does living outside Metro Toronto necessarily offer a better quality of life if it involves one to two hours of driving time each way?
One of the many reasons so many people are choosing to live in Toronto condominiums is to avoid gridlock. They already have to face a stress-filled workday of at least eight hours, so the prospect of fighting frustrating traffic on the way to and from their workplace isn’t appealing.
With urban condominiums offering unprecedented affordability and functional designs, there is an attraction to living in an environment that allows for less commuting time.
With so much choice in the Toronto condo market, purchasers can live right downtown, in midtown or in 416 areas of the north part of the city around Finch and Steeles. As long as the condominium is close to the subway system, getting around quickly is a refreshing alternative to spending three hours on the GO train every day.
Plus, using public transit frees up driving time for reading or working en route. Even the peripheral areas of Metro Toronto can shave an hour off a commute, whether residents come into the city core from the east, north or west.
The condo lifestyle option frees up a lot of other time that low-rise owners spend shoveling snow, mowing lawns and looking after other home maintenance issues. It’s easy to understand why so many busy professionals and over-50 purchasers are seeking this less stressful lifestyle. On top of all the other reasons for choosing condominium living, this continuing demand makes a condo purchasea great long-term investment
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Contact the Jeffrey Team for more information – 416-388-1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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