Toronto Loft Conversions

Toronto Loft Conversions

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Modern Toronto Lofts

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Unique Toronto Homes

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Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

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Tag Archives: new condominiums completed

This was a record-breaking year for Toronto’s condo industry

In 2014, approximately 25,000 condo units will have been built, and 86% of them are currently pre-sold

George Carras (President of RealNet Canada) – Toronto Star

This past September, 2014 officially entered the record books as the year with the most new condominium completions.

In fact, completions in the first nine months of 2014 surpassed the previous year’s record of 16,668 units.

By the end of October this year, there were 20,684 new condominiums completed across the GTA in 91 developments. And an additional 18 projects are scheduled to be completed in the next weeks before the end of 2014, bringing the estimated completions total for the year to about 25,000 units.

Comment: I am amazed. I didn’t think we would break 20,000. Seems I am wrong! But we really came nowhere near TD’s bizarre prediction of 35,000 completions this year and next.

Toronto condo industry
It’s a record-setting year that has been nearly a decade in the making.

Comment: And a shift from house building to condo building. Plus, buildings are getting larger, with more units. So a single building is now 500 units (or more) as opposed to 100-200. Even if the number of building completions stayed the same, there would be more units just because of size.

The extraordinary condo growth is largely the result of intensification policies introduced by the province back in 2005. Places to Grow, the official growth plan that re-focused building and development on intensification, triggered a chain of events that have been working their way through the system – and the housing market in particular – ever since.

Those intensification policies have created a new normal for the GTA housing market: more highrise housing and less low rise.

And condominiums are playing an increasingly important role in the overall GTA housing market, offering a steady supply of affordable homes and much-needed rental accommodation.

While 2014 will enter the record books as a milestone year, many more scheduled condo completions lie ahead.

With 219 projects currently under various stages of construction across the GTA, an additional 52,732 new condominium units are scheduled to be delivered to the market over the next four years.

Naysayers needn’t worry about all this new supply: 86% of those units are currently pre-sold.

Comment: That includes condos that have not even started construction, all the way through to those ready to be finished in January. As I say every week, when a condo building completes, all of those units don’t go on the market. They are already bought, for the most part. And by the time they are done, another 10-12% are sold.

Still, some might choose to see the record-high level of completions as a harbinger of the “beginning of the end” for the GTA’s thriving housing market.

Comment: No kidding! God forbid it might be a sign of something good.

It might be more realistic to see 2014 as merely the “end of the beginning.”

Indeed, intensification policies introduced a decade ago weren’t just short-term plans. Those policies created a new normal in the housing market that affects the daily lives of the six million people who currently live, work and play in the GTA – not to mention the estimated 2.4 million more expected to come here in the next decade.

This region has a new reality that we’re all going to have to get used to, and that is it’s growing up – not out.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

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