The real estate boom in the Greater Toronto Area continues to grow by leaps and bounds, as a new report indicates many people are buying condominiums in the area.
The Building Industry and Land Development Association revealed recently that there were approximately 3,800 new homes and condos sold in the GTA last month, as sales of low-rise units increased 5 percent year-over-year and sales of high-rise residences surging 53 percent. Overall, total new home sales are ahead of last year's pace by 34 percent.
The September sales rate for condominiums set a record for the month, which most recently was broken last year.
Among specific regions, Paul Golini, BILD chairman, said property purchases have been rife outside the city, accounting for 46 percent of the total. In fact, in the York region, high-rise condo sales have tripled since last September and are up 145 percent year-to-date.
Because condo units tend to be smaller dwelling spaces than homes, renting a storage unit may be worthwhile for Torontonians who are downsizing.