Toronto’s Condo Inventory At A Decade Low As Buyers Priced Out of Ground-Level Housing Eye High-Rise

The condominium market in Toronto is getting hotter than ever as buyers are increasingly looking for larger condo units since the prices of low-rise homes are rapidly going up.

A research company called Urbanation Inc., has been monitoring and studying the condo market for many years. The company stated that unsold inventory is at its lowest since 2010.

According to Urbanation's second quarter report, 7,731 new condo units sold throughout the Greater Toronto Area. This number represents a whopping 26 per cent increase from a year ago. The condo market research firm mentioned that sales would have been even greater if supply had kept up. New condominium projects declined by 9 per cent from a year ago.

Shaun Hildebrand, Urbanation's Senior Vice President, stated that new condominium projects are being challenged to enter the market in greater volume since the demand for condos in the Greater Toronto Area is increasing.

He also said that if current conditions continue, price pressures for high-rise units can be anticipated especially since supply is at record-low for low-rise homes.

Reference:

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