RealNet President Discusses Condominium Market [VIDEO]

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The brilliant George Carras (president of RealNet) recently sat down with Paul Golini of Empire Communities (developers of Eau Du Soleil, Fly Condominiums, Rain Condominiums and many many more) to provide an in-depth macro to micro analysis of the residential low-rise and high-rise real estate markets in the Greater Toronto Area.

RealNet is our “go-to” company for new home sales analysis and provide key data on a monthly basis that allow us to keep our fingers on the pulse.  They are the “Bloomberg” of our world and George highlights a number of key factors in the video that highlight the strength and uniqueness of our marketplace.  A couple of key highlights from the interview include:

  • Immigration continues to be the leading source of population growth in Canada with approximately 90,000-100,000 new people coming to the GTA every year
  • It is important to look at new home sales as a WHOLE as opposed to high-rise or low-rise in isolation to recognize a shift in the market
  • High-rise sales ARE increasing but at the expense of Low-rise sales which have been declining since the growth plan and intensification has taken place
  • Keeping perspective: Last years sales numbers were down 27% from the previous year (2011 was by far the highest year recorded), however, they neglect to mention that 2012 will likely be the 3rd or 4th highest sales ever recorded

Be sure to check out the video below!

Roy Bhandari