Statistics gathered in September marked 2014 as a record-breaking year for condo completions in Toronto, according to an article from the Toronto Star by George Carras, President at RealNet Canada Inc. (RealNet). Completions in the first nine months of the year broke the previous year’s record of 16,668 units. Carras attributes this growth to intensification policies and growth plans introduced in Ontario in 2005.
At the end of October 2014, a total of 20,684 new GTA condominiums had been completed in 91 developments. By the end of the year, an additional 18 projects are scheduled for completion, bringing the total to approximately 25,000 units.
Looking forward, 52,732 new condominium units are slated for delivery over the next four years. Although some market analysts see these new additions as a cause for concern regarding supply, Carras says 86 per cent of those units are already pre-sold.
With 2.4 million people expected to immigrate to Toronto over the next ten years, the RealNet President maintains a positive outlook for the region’s housing market as it continues to grow “up – not out.”