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Toronto Condo Market Boom of 2014

Posted by Avital Borisovsky on Tue, Jan 06, 2015 @ 07:01 AM

Toronto Condo Market Boom of 2014

According to a recent Toronto Star article, the number of condos built in 2014 went up by 31 per cent from the previous year. Over 20,000 units were built last year compared to the 16,500 the year before.  

condo-toronto-construction

Here's why the condo market is growing: 

1. Increased price of homes

The drastic demand for condos is largely due to the increasing prices of homes, as the average detached house in the GTA now costs over $750,000. While the cost of buying a condo is also increasing, the current average price sitting at over $450,000, it continues to be the more affordable option for first-time buyers. However, as developers begin to focus on increasing the size of units, prices will continue to grow.

2. Low interest rates

3. Proximity to transit

More people are beginning to look for homes in accessible locations that are transit-friendly, making condominiums the best option as more are continuously getting built in central areas.  

Across the GTA, condo sales have surpassed house sales, and this isn't expected to slow down anytime soon.

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Topics: toronto condos, condo market, condo sales, real estate sales

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