The Province of Ontario’s Fair Housing Plan introduced various measures to try and help more people find affordable homes, increase the supply of available homes, protect home buyers and renters and bring stability to the ever-burgeoning real estate market in Ontario. As this plan was implemented early this year, residents in Ontario were watching with baited breath to see whether it would have an impact on the Province’s real estate market. As data comes out describing our spring real estate market, there is ample evidence that the Fair Housing Plan did not have the desired effect on the real estate market in Ontario. The real estate market in Ontario continues to show steady growth with a lack of supply of affordable housing options. Perhaps most interesting in this data is that single family homes in Ontario, while they continued to be in demand, and still experienced price growth, experienced less price growth than the Province’s new build condominium market.
The Building Industry and Land Development Association (BILD) came out with new data on June 23rd 2017 showing that sales of new, multi-family homes such as condominiums and townhouses have outpaced single-family home sales in Ontario and the GTA. So far in 2017, there has been record year-to-date sales for new condo units in the province. In fact, three out of four of the 22,814 new homes purchased in the GTA this year were condo apartments.
According to BILD President and CEO Bryan Tuckey, “For the new homes market, the Province’s fair housing plan has had little real effect. The price acceleration in the condo portion of the market is especially worrisome since it not only represents the lion’s share of new housing in the GTA, it’s also making it difficult for condos to remain the affordable option.”
As condominiums become the home option of choices in busy city-centers, we are seeing an increase in demand for condominiums across Ontario and the GTA. Condominiums offer affordable prices, new spaces, generous sizing, the best locations and amenities and ease of living. New condo builds have even more to offer as they are often in the trendiest areas, have the newest and most in-style interiors and the most on trend amenity options which are often inclusive of family-style living. Smart buyers have realized that in a hot real estate market, condominiums, with their fair pricing, great locations and positive lifestyle offerings, remain the best choice.
Many in the condominium and real estate sector are noting that new build condo units are in such demand across the province that demand is outpacing supply and condominium builders are having a hard time keeping up. If condominiums are becoming the housing option of choice across Ontario, this begs the question: If the new build condominium market is experiencing such intense growth across the Province, is there hope for someone looking for a new condo in the most in-demand locations in Ontario like Toronto or the GTA?
It’s hard not to fret or worry when looking at figures that suggest the very thing you want, your neighbor, co-worker, friend, associate, wants too. I have said this time and again, but the key to finding a condo in a hot real estate market and in an area like Toronto or the GTA, is having the right real estate professional working alongside you. Why does this matter? Real estate agents such as Sayra Gidwani from REsource Realty are in the know. They know about the reputation of each builder, they know about new developments before the signs advertising, “Your Best Living Yet!” are up, they know about upcoming units for sale before the owner has even put the place on the market. An experienced real estate professional is the only thing that stands between you and your dream condo, and there isn’t any discouraging real estate data that can change that.
Lara Brighton is a journalist and real estate aficionado living in Toronto.
