Rising Popularity of Condos
By Elli Davis, March 25, 2011
A record number of new condos was sold in the Greater Toronto Area last month! For the first time ever, more than 2,000 new condo sales — 2,202, to be precise — were recorded in February in the GTA, according to the Building Industry and Land Development Association.
Toronto Condo Sunset by Jim Crocker
A sizeable increase since February of last year was recorded this past month. New condo sales went up by 36.1 per cent. Furthermore, compared to the previous most successful February (that of 2002), sales also rose significantly — by 26 per cent. This GTA-wide increase was paralleled by a similar rise in the City of Toronto itself. Last month, 1,769 new Toronto condos were sold—up 20.1 per cent from the same period last year.
This is great to see. While I can’t claim to be completely shocked, I am definitely a little bit (pleasantly!) surprised. This news emphasizes the growing popularity of condos — a housing trend that has become a big (and still growing) part of residential property sold in the GTA.