22 Mar 2011

February a record month for condo sales in Toronto

The latest indication more people are snapping up storage units in the Toronto area? Condominium sales soared in February.

According to the Building Industry and Land Development Association, 2,202 new condos were sold in the GTA last month. That marks the first time more than 2,000 condo units were sold in February, which is usually a slow-moving month.

Stephen Dupuis, the president and CEO of BILD, attributed the rise in condo purchases to, among other things, struggling sales in the low-rise home market.

"The relative un-affordability of low-rise product has caused a huge market shift towards high-rise condominiums, which is fine to a point, but only if steps are being taken to create a more balanced market over the mid- to long-term," Dupuis said.

Dupuis also said Toronto's positive economic climate and low interest rates were other factors contributing to the high rate of condominium sales.

There are some indications, however, that the surging Canadian economy may be slowing down. According to Statistics Canada, retail sales dropped by 0.3 percent in January, the second straight monthly decline.

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