Real estate is on a roll across the GTA

torontosun.com
By Barbara Lawlor
Oct. 27, 2016

In 2015, there were 41,295 new home sales in the GTA, and 21,658 of those were high-rise! This year has seen tremendous results as well.

From January through June, 24,253 new homes had already sold, with 13,121 of them being high-rise.

Once again, we are having a strong year for real estate, especially condominiums - and with our low mortgage interest rates, the pace is not likely to slow in the near future.

Condos have proven a mighty force in the market for many reasons, beginning with price attainability.

Yes, average condo prices have gone up over the years, but at a slower pace than low-rise homes, which have doubled in average price over the past decade. Other indicators in place hold much hope for the remainder of this year and beyond.

RBC’s Provincial Outlook published recently states that our province is “On a roll and poised to outperform.” In fact, the report goes so far as to predict growth in Ontario will be the strongest in six years.

RBC credits investment in new and resale residences key to spurring economic activity here. With interest rates remaining low and the Canadian dollar holding its own, Ontario is likely to outperform the national economy for the third straight year.

This is wonderful news for all Ontarians, especially those involved in the new condominium industry here. And by here, I mean the Greater Toronto Area.

Of course, new condo sales are robust in the City of Toronto, but keep your eye on the 905 areas surrounding it, where condos are selling like hotcakes. The headline story for Baker Real Estate Incorporated this year is phenomenal success with product launches in the 905.

For example, York Condos and The Signature Condominium Collection are new residences in the heart of Downtown Markham, where The Remington Group is making its mark on this master-planned neighbourhood.

Both condominiums sold out in a short period of time. York Condos is well named, as it is located at 10 Rouge Valley Drive, just steps from York University’s state-of-the-art new campus.

The residences at Signature offer hotel living, atop the luxurious Marriott hotel. In addition to numerous public transportation options, these condos are close to an array of popular amenities.

Just drive through Downtown Markham on any given week night, and you will notice the Cineplex parking lot is packed. We will be bringing the next phase of Downtown Markham in early 2017.

Another major success is Cosmos Condominiums in Vaughan, where Phase 3 will launch this fall.

Liberty Development’s residence is steps to the new Vaughan Metropolitan Centre subway station, and is close to Highways 400 and 407, as well as a wealth of amenities. Baker Real Estate Incorporated will also launch a major project in Mississauga early next year.

These are just a few examples of successes that reflect the pent-up demand for condominiums in the Regions of Durham, Halton, Peel and York.

Investors who recognize the potential in affordable suites that can carry for attractive rents know that owning in the 905 areas is a great way to balance a financial portfolio.

First-time buyers find condos more affordable, and people of all ages like the less hectic pace and access to family amenities they find in the suburbs. Far from being the bedroom communities of 20 and 30 years ago, these areas are now thriving places where people can live, play and work.

Affordable price points are an attraction for sure, and buyers in the 905 areas are thrilled with the availability of new condominium choices for the first time in decades.

The 905 infrastructure is improving and expanding with more transportation routes, shops, cinemas, restaurants and other conveniences going in.

Cultural and recreational amenities, entertainment venues, live theatre, gorgeous parks, phenomenal shopping … when it comes to condominium locations, the 905 areas are full of surprises!