How H-O-T is the Toronto Condo Market? (Infographic)

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Our friends over at BuzzBuzzHome have prepared an excellent visual of just how HOT the Toronto Condo market is.  The Infographic highlights some very interesting facts highlighted below:

  • Q2 2011 beat out the previous record for number of units sold by 21.5% in Q2 (previous record was Q2 2007)
  • 2011 is expected to sell 3,000 more units than the previous best year on record (an increase of 13.5%)
  • 2/3 of New Home Sales in the entire GTA were Condo units.  This is incredible, as just 10 years ago, this number was closer to 1/5.  Condominiums have completely overtaken detached homes as the #1 seller for new construction.  This highlights the change in lifestyle that Torontonians are currently experiencing with more emphasis on convenience.
  • The most popular type of condominium being purchased is 1 Bedroom + Den (37%), followed by 1 Bedroom (25%).  Studios make up just 2% of all new condo sales.
  • Our market is still driven by first time home buyers who make up 50% of our buyers (according to Tridel).  Where are the investors in this breakdown?
  • Average age of a Condo buyer is 42! Contrary to popular belief, condominium living is for all ages and not just the young professional crowd.
  • The top three motivators for condo living are: Price, Low Maintenance and Location.  Again, CONVENIENCE is the driving factor for Condo buyers!
  • Condominiums make up 78% of the new home launches this fall.  An incredible shift in demand.

Roy Bhandari