High-density multifamily housing will soon become the main budget option in the Toronto Metropolitan Area, especially in the western part of the region.
“Freehold properties remain the option of the majority of buyers in the Halton Region and in Toronto West,” said Ontario / Atlantic Canada RE / MAX executive VP Christopher Alexander. “The same thing happens to a lesser extent in Central Toronto, but condos continue to gain ground.”
“A little more than one out of every three properties sold in the GTA was a condominium in 2018 and that number is higher in the core. As prices rise both in the city and in the suburbs, the shift to higher density housing will continue, and there will be less developments in pending single-family homes. ”
In fact, the Halton Region, which includes Burlington, Halton Hills, Milton and Oakville, accounted for up to 10% of GTA residential property sales at the end of 2018, with a 2.3% growth in the previous 5 years. Toronto West also rose almost 1% during the same period, to a 10.5% share.
Much of the activity in the Halton region was due to popular clamor for affordable housing, which led to greater and faster construction in the area.
“The product was launched at a time when the Greater Toronto Area (GTA) reported its lowest inventory in years and rising home values increased red flags.”
The beginnings of new homes in the Halton region were located at an average of 3,100 per year between 2013 and 2016.
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