Much has been made, in this blog and elsewhere, about the fact that the Toronto condo market is now one of the world’s hottest.
Or at least it was, all throughout 2011.
But it looks like things might just be different in 2012. According to Building Industry and Land Development Association (BILD), new condo sales dropped in January by a significant 40%.
Low-rise sales, on the other hand, held steady, amounting to 63% of the market share.
Of course, January tends to be a bad month for condo sales anyway, and indeed in January of last year condo sales dropped as well, only to rise after.
Yet the fact remains that this was the lowest single-month total for high rise since the recession, according to Shaun Hildebrand, senior market analyst with Canada Mortgage and Housing Corp, as quoted by the National Post.
The 905 area, on the other hand, is still going strong. For example, both high-rise and low-rise sales in York increased by a combined total of 12.5%.
Luckily for us at BAM, 905 is our area of expertise, meaning we can sell anything here, whether it’s low-rise or high-rise.
That said, no one would like to see a disruption in the GTA condo industry.
What’s your take? Will we see only a moderate decrease in sales, as Canada Mortgage and Housing Corp. predicts? Will it be worse? Or will sales continue to increase, like they did last year?