Condos are selling exceptionally well in the Greater Toronto Area, particularly the GTA.
According to the Building Industry and Land Development Association (BILD), the GTA experienced a record number of condo sales in August.
According to the data, the number of low, medium, high-rise, stacked townhouses and lofts amounted to 3,162. This is the highest number of condos sold in August on record and a 35 percent increase from last August. This number is also 129 percent above the 10-year average.
The Peel Region — including Mississauga, Brampton and Caledon — led this charge with 1,037 sales in 2021 compared to 177 in August 2020. On the other hand, Toronto had 904 condo sales in August 2021 compared to 1,168 in 2020.
“August’s benchmark prices underline the fact that increased housing supply is an important factor in stabilizing housing prices,” said Dave Wilkes, BILD President
Storeys says that the increase in condo sales in the Peel Region has a lot to do with the number of new towers in the area.