The Greater Toronto Area is growing but unfortunately land is getting scarce for new construction so up is where builders are building. There are approximately 80,000 to 100,000 new immigrants every year. According to RealNet Canada Inc., based on those numbers we need approximately 40,000 new homes to be built every year, that is the size of Fredericton, New Brunswick. Looking down the road in 3 years we need a growth of 24% in housing starts and condos is the way to grow.
According to RealNet, 2012 was the 4th greatest year for new condo sales. Stats do show that new condo sales did drop if compared to 2011 but that was due to the mortgage changes which affected buyers qualifying. Even though sales had a slight dip, the price for new condos increased by 0.2% from last year bringing the cost per square footage to approximately $544. There is no doubt that investing in new condos is still a smart decision given that the population of the GTA is growing exponentially.