August sees significant spike in condo sales in Mississauga and Brampton
Published September 28, 2021 at 3:19 pm
After a steep decline in condominium apartment sales in 2020, it appears the market is rebounding in a big way.
The latest data from the Building Industry and Land Development Association (BILD) indicates August 2021 was the best month on record for the sale of condo apartments.
According to the data, there were 3,162 units sold this past August in the GTA, which is 35 per cent more than August 2020, and 129 per cent more than the 10-year average.
The reason for the spike in sales has been attributed to a significant increase in supply.
“Buyers flocked to the new condominium apartment market in record numbers in August as builders pumped in unprecedented levels of new supply,” Edward Jegg, analytics team leader at Altus Analytics, Altus Group, said in a news release.
In Peel Region, the number of sales was vastly higher than in previous years. This past August, 1,037 condo apartments sold in Mississauga, Brampton, and Caledon, compared to just 177 in 2020 and 104 in 2019—an increase of nearly 600 per cent in sales year-over-year.
However, while the sale of condo apartments increased, the sale of single-family homes decreased significantly.
According to the data, only 65 single-family homes have been sold in the Region so far this year, a drop of 27 per cent from the 239 sold in 2020.
This reason is also largely due to supply—in this case, a lack of it. “In the new single-family sector, supply shortages continued to weigh on sales,” Jegg said.insauga's Editorial Standards and Policies