TORONTO, Ont. – Positive signals are coming from the Canadian condo market.
Condominium sales are up in a year-over-year comparison in 78 per cent of all cities in Ontario and eastern Canada.
Condo sales now represent a third of all sales in the GTA.
More than 22-thousand condos have been sold in Toronto this year to the end of September according to the latest market update from RE/MAX.
That is an increase of more than 10 per cent over the comparable time frame in 2009.
RE/MAX says that with few affordable options for first-time buyers available, the condo market is poised for “dramatic growth” in future years.
Other hot condominium markets so far this year include Ottawa, which is up by 12 per cent, and Kitchener-Waterloo, which is up by nearly 8 per cent.
However, not ever area has a booming market. Thunder Bay and Halifax-Dartmouth saw lower year-to-date sales.
RE/MAX says the lower priced condos are seeing the highest sales but the luxury market is seeing strength attracting empty nesters and retirees.