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.

The latest Rental Market Survey from the Canada Mortgage and Housing Corporation (CMHC) revealed that investor-owned Toronto condominiums represent 2.4 per cent of the region’s inventory. According to the CMHC, that number is the highest among major Canadian metros surveyed in the report. In Vancouver and Montreal, foreign ownership in condominiums totaled 2.3 per cent and 1.5 per cent, respectively.

New home builder Mattamy Homes (Mattamy) has agreed to purchase Monarch Corporation (Monarch), the Canadian division of US homebuilder Taylor Morrison Home Corporation. Monarch is involved in the development of condominiums in Toronto, Ont. Currently, the purchase price for Monarch is set at approximately $330-million.

ONE BLOOR, a 75-storey condominium development located in the heart of downtown Toronto, has received international praise at the International Property Awards in London, U.K. The awards, which strive to recognize the best developers worldwide, are considered one of the most prestigious property competitions in the world. Great Gulf, the developer responsible for ONE BLOOR, earned the International Property Award for Best International High-Rise Residential Development.

According to the latest data from the Canadian Real Estate Association (CREA), Canadian home sales increased, year-over-year, by 2.7 per cent in November. Similarly, the average national sale price rose 5.7 per cent when compared with data from November 2013.

The Government of Alberta is moving ahead with plans to modernize condominium legislation throughout the province, a change the Canadian Home Builders’ Association – Alberta (CHBA – Alberta) welcomes with enthusiasm. The new legislation, known as Bill 9, coincides with the New Home Buyer Protection Act, introduced earlier this year, to provide 10-year warranty protection to single or multifamily home buyers.

Year-to-date sales growth in Calgary’s condominium market is breaking records, according to data collected by the Calgary Real Estate Board (CREB). Throughout the region, all housing types experienced a growth in year-to-date sales. However, condominium apartment and townhouse sales are currently standing at record levels, with a combined increase exceeding 19 per cent.

According to the latest Housing Market Outlook Report from RE/MAX, the Canadian condominium market is expected to remain strong and healthy in 2015. Throughout 2014, “condominiums continued to grow their share of the market in many regions,” the report stated. As such, a lack of affordable single-family homes in areas such as Toronto and Vancouver, made condos an attractive option for first-time homeowners and young families.

The Canadian Condominium Institute (CCI) has appointed a new president, Mario Deo, for its Toronto and Area Chapter. Deo, who has been involved with the CCI-Toronto Chapter since 2005, began his leadership role within the organization on November 27. He previously served on the institute’s Board of Directors.

Award-winning developer, Castle Group Developments, recently announced plans for a six and eight-storey terraced luxury condominium, to be known as Insignia, in Toronto’s North York neighbourhood. The project will be located steps from the upscale Bayview Village, a collection of over 100 luxury retailers, gourmet grocers, restaurants and cafes.

The Randall Residences, a luxury condominium development in Oakville, O.N., has entered construction. The amenity-rich project by Rosehaven Homes, inspired by Parisian Beaux Arts architecture, is over 60 per cent sold and only three of ten two-storey penthouse suites remain available for purchase.

According to a recent Housing Trends and Affordability report from RBC Economics, housing affordability in Canada increased in the third quarter of 2014, despite an upward trend in house prices. Factors affecting affordability included declines in fixed mortgage rates, rising incomes and reduced utility costs, say economists.

A new mixed-use condo and commercial development has been announced for Calgary, A.B. The Royal, a 223-unit project with 90,000 square feet of retail and office space, will be developed by Embassy BOSA and First Capital Realty Inc.

The North tower of a two-building luxury condominium development in Kingston, O.N. has sold out in less than a month. The University Suites Condominiums, located at Princess St. and University Ave. near Queen’s University, are attracting both homeowners and investors.

In the first 14 days of November, a total of 3,350 residential real estate sales were reported through the Toronto MLS system, according to the Toronto Real Estate Board (TREB). This represents an 8.3 per cent increase over the same period in 2013. Listings were also up, year-over-year, by 2.2 per cent.

A new condominium development, comprised of two 38-storey towers and 17 townhouses, is poised to become downtown Montreal’s largest privately developed residential real estate project. Known as the YUL development, the condo is a collaborative effort between Canadian company, Tianco Group, and the Montreal-based Brivia Group.

According to Robert Kavcic, Senior Economist at the Bank of Montreal, home building activity across Canada is in line with demographic demand and population trends. Although new home construction slipped in October, starts have averaged a 191,000 unit annualized pace for the first nine months of the 2014.