New statistics indicate Toronto's condo market is red hot as highrise sales nearly doubled for the month of July compared to last year's numbers.
The Building Industry and Land Development Association said Thursday that sales of high-rise condominium suites rose a whopping 90 per cent this year.
Nearly 6,000 highrise units sold this summer compared to 3,671 units last summer according to RealNet Canada Inc.
The numbers continue to rise across the GTA:
- 184 per cent in Toronto
- 57 per cent in Durham
- 49 per cent in York
- 14 per cent in Halton
Peel region was the only area across the GTA to report a decline in condo sales with sales down 28 per cent.
Experts credit the record numbers to the relative stability of condo prices. Competition is so high that prices have only risen by 4.2 per cent over the past year.
"Healthy competition among builders is keeping affordability in check, with the benefits accruing to the home buying public," Bob Finnigan, president on BILD, said in a release on Thursday.
"We're running out of superlatives to describe the new housing market
this year."
City officials said the expected influx of nearly 500,000 people to the GTA in the next 20 years, will continue to spur the growth of the condo market.
"There is no room left in the city for single family subdivisions anymore, that's not a reality," Gary Wright, director of community planning for the City of Toronto, told CTV News on Thursday.
Despite the condo boom, some residents told CTV they are aren't in favour of new developments obstructing the Toronto skyline or views of the lakeshore.
With a report from CTV's Naomi Parness
