Condominium Market Hot In GTA

Record home sales in the Greater Toronto (ON) Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs, says the Toronto Regional Real Estate Board (TRREB). GTA REALTORS reported 10,970 sales – a 52.5 per cent increase compared to 7,193 sales reported in February 2020. Looking at all areas of the GTA combined, the condominium apartment segment led the way with a 64 per cent sales increase compared to last year. “It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties. It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022,” says Lisa Patel, TRREB’s president.