TORONTO, Ont. - It appears that new condominium developments are springing up faster than the flowers these days, and those living in the GTA are snapping them up just as fast. Sales of new condo units set a record in April after rising by 89 per cent compared to the same time last year, making it the best April on record.
"It's in the top three of any month of any year, and it's about double the average since 2000," said Stephen Dupuis with the Building Industry and Land Development Association.
"There's a new condo being sold every 13 minutes in this city, and frankly if you look at the time that the sales offices are actually open, it's probably one being sold every five minutes in terms of when you actually go in and put your money down."
However, the surge in purchases is not just in Toronto proper, as the suburbs are also experiencing a boom.
"Particularly in Halton and Oakville has got some new condominium development, and York Region, Richmond Hill, Markham are strong for new highrise condo developments. Quite a new trend," Dupuis told 680News.
Condos make up six out of every 10 new homes sold in the GTA so far this year.
Dupuis said several factors have led to the increase, including affordability and new projects going on sale. The trend is expected to continue throughout the year.
The exception to the trend is sales of low rise condos, which was down in April.
Taken from 680News.
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