Stephen Dupuis – Metro Toronto

The numbers for January are in and if they are a sign of what’s to come, this year is going to be an active one for condominium construction.

Last month, construction began on 983 condominium units, according to data just released by the Canada Mortgage and Housing Corporation. To put it in perspective, this time last year, in January 2010, construction had only started on 193 condo units.

The corporation’s senior market analyst for the Greater Toronto Area, Shaun Hildebrand said it should be taken as a sign of things to come in 2011.

“Sales of new condominium units reached their second highest level on record last year, indicating that many projects will be switching from pre-sale to construction phase this year,” he said.

Last year, 20,349 new condos were sold, representing 55% of the total new home sales in 2010.

Another housing guru, the newly-decreed BILD Member of the Year and RealNet Canada Inc. founder George Carras also referred to “the seemingly unstoppable condo market” in a presentation about the region’s high-rise stock earlier this week.

Carras noted that 47% of condominiums slated for 2012 occupancy in the GTA are currently under construction and that there are more than 20,000 condo units slated for occupancy this year that are also under construction.

It all adds up to jobs, jobs and more jobs, and that can never be a bad thing.

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Contact the Jeffrey Team for more information – 416-388-1960

Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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