We recently blogged about the return to average sales for new homes in the first half of 2012. We have already talked about how the decrease in sales when compared with 2011 can seem misleading due to that year’s record-setting sales figures. But the market’s shift toward high-rise living is still worth examining. In recent years, our industry has seen a shift towards high-density housing as a result of the Ontario government’s intensifi
For a variety of reasons, including the Ontario land supply issue discussed above, we’re in the midst of an Energizer-bunny-style condo boom and a shortage of single family homes. According the the June 2012 RealNet report, remaining inventory in the low-rise sector is at the second-lowest level on record. Low-rise sales are also 30 per cent below the long-term average. While there is certainly a high demand for high-rise homes across the GTA, one could also argue that purchasers aren’t given much of a choice. Consider the remaining inventory in the low-rise (5,797) and high-rise (20,133) markets at the end of the June. With a shortage of land supply and escalating prices in the low-rise sector, new condominiums are looking as attractive as ever.
But many people are discovering the benefits of condo living by choice rather than out of necessity. Affordability aside, some of the perks associated with new condominiums include shorter commute times, saving money on gas, and access to more neighbourhood amenities. At least downtown. In the suburbs, condos still offer an amenity-rich lifestyle that’s more affordable with lower property taxes.
But condo living isn’t for everyone and BILD feels that consumers should have options available in order to make the best choices for their families. With roughly 100,000 people per year choosing the GTA as their new home, more has to be done to ensure that the area’s housing needs are met in the years to come.