By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | TopTorontoAgent.ca
November 6, 2013 | © All rights reserved
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New numbers coming in for October show the 905 region taking the lead in condo sales activity, up 35% from a year ago.
Much of the increase in condo sales stems from the lack of lowrise housing options like townhomes, semi-detached and detached homes, especially in the more affluent neighbourhoods of the 905 like Thornhill and Vaughan.
This is a clear indication that despite the high demand for low-rise properties like semi's and detached homes, the condo market seems to be the only viable option for many GTA families looking to live in some of the 905's best neighbourhoods. Thornhill and Vaughan have seen a surge in condo sales activity as buyers, especially those who are newly married or purchasing for the first time cannot afford the surging cost of townhomes, semi's and detached. They are opting for a more affordable choice for their starter homes.
Toronto has seen condo sales slow down by 8% since October 2012, largely due to the overbuilding seen over the past decade. The market is still stable, with prices holding relatively steady. Toronto is on pace to sell half the amount of condos it did just two years ago in 2011.
If you have any questions about the GTA condo market or would like some specific information about the Toronto, Vaughan or Thornhill real estate market, feel free to contact me.
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Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto, Thornhill and Vaughan real estate team.
You can find him on LinkedIn, Twitter, YouTube and Google+.
For over 10 years, Ilan has provided more than 1500 buyers and sellers valued advice and service, enabling them to reach their real estate goals.
He’s kind of like the Bruce Willis of real estate.
