Condos boom in Markham and Oakville says CMHC report

With the booming real estate market Toronto has been the leading condo town in the past year. However the next two locations which are becoming popular destinations with the soaring condo construction are Oakville and Markham.   

Markham is topping the charts with the soaring condo construction projects since August. Approximately there are major construction is around the 905 regions.

Oakville is following on the second spot with the soaring high-rise construction. According to Canada Mortgage and Housing Corporation (CMHC) considering an increased economic health and activity in comparison to August and July with the beginning of September heading towards the new year

The new homes coming up in both these destinations are approximately high rise condos (110,800) low rise homes (64,800) slowing down the construction numbers. Building starts have slowly been trending lower across the GTA as the record number of condo units sold in 2011 get built out and sales of new projects remain well below those record levels.

There was strength in the suburbs such as Markham, however, which recorded 460 units started in August. Oakville was second at 331 units.That compares to 204 units in Toronto, down significantly from the 1,168 units that were started as of August of 2013.

Source: http://www.thestar.com/business/real_estate/2014/09/09/condo_boom_taking_hold_in_905_regions_housing_starts_dip_in_august_says_cmhc_report.html

 

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