There is no doubt now that the vertical city is starting to be referred to as the vertical region because of the condo sales that has been recorded in the Toronto area. The record shows that it has surpassed the level it was back in 2011 which is the year when the real estate development was booming after the recession that struck in 2008.
For this month of August, a month considered being very slow when it comes to sales, there are already 1,880 condo units sold. If compared to the figure recorded at the same month last year, there is an increase of 74 per cent in sales. It was even higher than the sales back in August of 2011 which sold 1,754 units. These figures are provided by the Altus Group which was published by Building Industry and Land Development Association or BILD.
To date, there are already 17,949 high-rise condominium units sold starting from the month of January until August this year. Record shows for the same period in 2011, there were 17,380 units sold. There is a 31 per cent increase in condo sales this year compared to the same time last year.
The increase in sales of high-rise units is due to the fact there the supply of the new low-rise properties including semis, detached and town houses have come to its lowest in 10 years time.
Based on the inventory, there are only 1,379 new low-rise properties available in August. This number is far from the 16,560 available low-rise homes back in June of 2006 – a time when the provincial Growth Plan was launched. According to the CEO of BILD, Bryan Tuckey, this is the reason why the price continues to increase.
He also added that the demand for low-rise properties is still strong despite the high prices. This is because the previous generation that was contented to live in a single bedroom unit is now starting to create their own family with kids that need more space.
If you are single or starting a family in Pattaya, check out the available condos for sale as a starting home.