November 1, 2010
In seven out of the eight major regional markets in Ontario, condo sales have increased in 2010.
According to CBC News:
Ottawa saw an increase of 11.9 per cent rise in condominium sales during the first nine months of 2010 compared with 2009, while sales in the Greater Toronto Area were up 10.4 per cent. The only market surveyed with a drop was Thunder Bay, where condo purchases declined four per cent…
The survey was conducted by Re/Max Ontario-Atlantic Canada. Condos represent one third of homes sold in the GTA and 25 per cent of condos sold in Ottawa and Hamilton-Burlington.
Why? Buying a condos is cheap when compared with a house. And it’s a good “in-between” step for those who don’t want to rent anymore, but don’t have enough to pay for a detached home yet.
That being said, the luxury condominium market went crazy during 2010 too! For example, condo sales for units priced at $1 million + increased 49 per cent from 2009. Ottawa condos priced higher than $450,000 increased by 72 per cent.
Looks like condos are king of 2010 real estate.