The second quarter of this year remained good for the Toronto’s condo market. Sales of new condos jumped to a new record during the second quarter and most of the growth in the market came from outside the city core. The second quarter of the last year had not shown any growth in condo sales but the sales in the current year’s second quarter surged 77 percent to 8,902 units. This is the second-highest level of condo sale for any quarter. 2019’s second quarter is following the market peak of 11,413 pre-sales in the second quarter of 2017.
The condos for sale in Toronto doubled in suburbs as compared to the last year, while there is a 12 percent drop in the core area. The core area sale of the condos is lowest in this quarter since 2009. There are many reasons which are propelling the Toronto condos market including a return of record-low borrowing costs, surge in population inflows, satisfactory job market and the tight condition for the real estate market. In addition, the demand for relatively low-cost projects is also boosting the market. During the second quarter, every project was launched for pre-sale to receive planning approval. It has reduced the risk of cancellation which was on the rise for the past few years.
The condominium facility upgrade movement is increasing in Toronto for both developers and designers. They are providing astonishing features and services to the units. Now the condo buyers are not expecting a gym with three or four treadmills, they want more from the developers. The multi-storey projects of the present market are fulfilling the demand of the buyers which is resulting in the condo market growth.
