New statistics from the Building Industry and Land Development Association (BILD) found that high-rise condominium sales in the downtown core spiked an unheard of 995 per cent in December of ’09 compared to the same time last year.
In December 2008, which was the heart of the financial crisis, only 166 new condos were sold in Toronto.
But, flash forward a year later and more than 1,800 condos were sold last month.
Stephen Dupuis, the CEO of (BILD), said he does not think too many towers are going up.
“Is there a risk? You know the market in the GTA is one that’s driven by immigration and there obviously was some pent up demand from the financial crisis period when frankly we could hardly sell a condo,” he explained.
Dupuis added ’08 and early ’09 saw deep discounting because nobody was buying; however, he added now the economy has improved and prices are firming up with buildings being sold at their asking prices.