According to a recent article in the Toronto Star, sales of new condos were significantly higher in 2014 as compared to 2013, which saw a dip in sales. Many GTA developers even reported last year to be one of their best years in sales.
Urbanation, a Toronto-based market research firm, reported that nearly 52,500 new condos were under construction as part of 198 new development projects within the GTA at the end of last year.
The resale condo market mirrored the market growth seen in new condos. Last year, sales increased to 14 per cent with a record 17,819 units sold and prices were up 3.8 per cent to $389,000 (or an average of $431 per square foot) as compared to 2013.
These trends, Urbanation’s senior vice president Shaun Hildebrand said, were the result of "pricing and incentives [becoming] more competitive across a greater selection of available units."
Similarly, condo rentals were also up due to their affordability versus low-rise housing types.