Vaughan sees condo sales explosion in 2019

3,453 condo units sold in York Region

Yorkregion.com
Sept. 4, 2019
Dina Al-Shibeeb

Vaughan has witnessed the highest number of sales for both condominiums and single-family homes in York Region for 2019, the Building Industry and Land Development Association figures show.

So far, Vaughan has sold a staggering number of 2,456 condominiums units and 414 single family homes.

When compared to 2018, Vaughan has witnessed an explosion of sales where only 291 condominium units and 91 single family homes were sold in Vaughan.

Markham which has a slightly bigger population than Vaughan came second when it comes to the sale of condominiums at 726 units sold for 2019.

However, for family homes, Richmond Hill came second at 199 sold and Whitchurch-Stouffville third when it sold 187 homes.

“Vaughan has an active market right now due to a large concentration of new projects being undertaken in the Vaughan Metropolitan Center (VMC) and the attractiveness of new projects in such proximity to the subway,” Justin Sherwood, BILD’s Senior Vice President, Stakeholder Relations & Communications, told the Vaughan Citizen.

BILD’s figures or Sherwood’s statement aren’t surprising after all, York Region has told Vaughan Citizen that the City tops all York Region municipalities in having the most construction projects.

So far, there are currently 21 regional transportation projects taking place to support regional growth.

York Region comes after Peel

However, when comparing the Greater Toronto Area, York Region came second when it sold 1,418 units, slightly behind Peel at 1,519.

Halton, meanwhile, was third at 1,120.

As for condominium apartments, Toronto ranked number one as expected when it sold 7,484 units, however, York Region was second at 3,453 and Peel third at 2,813.

For the entire GTA, BILD said both condo July sales and single-family sales were up year over year.

There were 566 new single-family homes, including detached, linked and semi-detached houses and townhouses, sold in July, according to Altus Group, BILD’s official source for new home market intelligence. Although sales increased 136 per cent from last July, they were 29 per cent below the ten-year average.

Sales of new condominium apartments in low, medium and highrise buildings, stacked townhouses and loft units, with 2,297 units sold, were up 22 per cent from July 2018 and 42 per cent above the ten-year average.

“The price gap between single-family homes and condos continues to shrink, leaving new home buyers with a lack of choice,” said David Wilkes, BILD President & CEO. “We must provide more ‘missing middle’ type development that can support transit in established neighbourhoods. More ‘gentle density’ housing in the form of mid-rise buildings, condos with street level retail, and stacked townhouses is needed to give consumers more choice.”