Sleepy suburbs? Not in the GTA! Hot new developments in Oakville, Markham and Vaughan caused an eruption of sales during August in the 905 region.
Sales increased by 105 per cent over August a year ago, according to figures released by the Building Industry and Land Development Association (BILD).
Market research data released by RealNet also pointed to an August in the 905 that was nothing less than hot hot HOT! New homes sales were up 48 per cent over August 2010. Out of the 2,011 new condos sold in the GTA last month, 1,185 of them were in the 905 while Toronto managed 826.
Toronto has had a strong year for condo sales, but the city’s 10.1 per cent increase in sales seem paltry when compared to the astounding 1,000 per cent increase in Oakville and the 664 per cent rise in York region.
Stephen Dupuis, President of BILD, noted that a few big projects sold out quickly in these regions in August leading to these massive increases.
He also indicated that sales will remain strong through September, though the gargantuan growth in August was a bit of an outlier in what is usually a slower sales period.
Still, those are some ridiculous numbers emerging from the 905 and we tend to agree with Dupuis that they will remain quite high through this month and even beyond! After all, there are some very cool projects currently under development in the region.
Expo Condos in Vaughan is turning heads thanks partly to the extension of the Spadina subway line to its future doorstep. To the west, Rain Condos is making a big splash in Oakville and OpArt Lofts is garnering attention due to its innovative architecture.
Those are just a few exciting developments and there’s much more to come to the 905. There’s no question that the Toronto condo market is booming, but there’s plenty of room for more boom in the GTA.