{"id":8240,"date":"2018-02-13T08:55:36","date_gmt":"2018-02-13T16:55:36","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8240"},"modified":"2018-02-13T08:41:09","modified_gmt":"2018-02-13T16:41:09","slug":"huge-double-digit-sales-growth-for-new-condos","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/huge-double-digit-sales-growth-for-new-condos\/","title":{"rendered":"Huge Double Digit Sales Growth for New Condos"},"content":{"rendered":"<p style=\"text-align: justify;\">New condo sales reached sky-high levels across Canada in 2017, with the most units sold, by far, in the Greater Toronto Area (GTA). The GTA wasn\u2019t the only market to have a banney year \u2014 Edmonton and Calgary led the nation with the largest annual percentage growth in new condo sales.<\/p>\n<p style=\"text-align: justify;\">\u201cIt was a red hot year for sales, but one of the things we have been seeing is the fact that Calgary and Edmonton are getting better and Toronto and Vancouver are pretty much selling as much as they possibly can,\u201d Matthew Boukall, senior director at Altus Group tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Last year, new condo sales in Edmonton grew over 60% year-over-year with a total of 1,289 units, according to data that Altus Group published today. This is the largest percentage growth of the markets tracked by the real estate data provider, which include the Greater Toronto Area (GTA), other areas within Ontario\u2019s Greater Golden Horseshoe (GGH), Calgary and Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cThis significant increase was connected to the downtown condo market where the new Rogers Centre attracted buyers to the city\u2019s core, with sales increasing by 160% year-over-year,\u201d writes Altus, in a press release.<\/p>\n<p style=\"text-align: justify;\">Calgary, Alberta\u2019s most populous city, also experienced notable growth with a total of 2,083 new condos sold in 2017, soaring 42% from 2016.<\/p>\n<p style=\"text-align: justify;\">According to Altus, buyers are returning to Calgary\u2019s suburban areas, rather than the downtown core. Edmonton is experiencing a different kind of sales surge, with most new condo sales focused in the city\u2019s core.<\/p>\n<p style=\"text-align: justify;\">Although the Alberta cities saw significant year-over-year sales growth, the GTA dominated new condo sales last year with a record 36,429 units, an increase of 25% from 2016.<\/p>\n<p style=\"text-align: justify;\">Meantime, inventory in the GTA fell to its lowest level since Altus began tracking the market.<\/p>\n<p style=\"text-align: justify;\">With the GTA starting 2018 off with low new condo inventory, Boukall says supply is expected to remain tight in the market this year, while demand will continue to be robust.<\/p>\n<p style=\"text-align: justify;\">Unlike the other major cities monitored by Altus, Metro Vancouver was the outlier in 2017, recording a 44% year-over-year decline in new condo sales. Last year, a total of 10,939 units sold in the market, but Altus is quick to note that these units represent a 90% sales rate of all new inventory that came into the market last year.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s not that there wasn\u2019t demand, there just wasn\u2019t enough supply to keep up with demand, and what that meant is, year-over-year, we saw a decline,\u201d says Boukall.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/02\/canadian-double-sales-growth-new-condos-2017.html\" target=\"_blank\" rel=\"noopener\">These Canadian Cities Saw Huge Double Digit Sales Growth for New Condos in 2017<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New condo sales reached sky-high levels across Canada in 2017, with the most units sold, by far, in the Greater Toronto Area (GTA). The GTA wasn\u2019t the only market to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/huge-double-digit-sales-growth-for-new-condos\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8240","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Huge Double Digit Sales Growth for New Condos &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/huge-double-digit-sales-growth-for-new-condos\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Huge Double Digit Sales Growth for New Condos &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"New condo sales reached sky-high levels across Canada in 2017, with the most units sold, by far, in the Greater Toronto Area (GTA). 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