New condo sales in the first four months of 2016 significantly outpaced supply, with 6,229 sales but only 3,892 new units added, according to Altus Group. As of the end of April, there were only 17,698 new condos available for sale across all GTA condo projects. For those seeking affordable home ownership, a condo is likely the only viable option, given the skyrocketing prices of detached houses. That may sound like a lot of units, but bear in mind only 1,622 of them were actually built and unsold. The remaining 6,275 units were unsold and under construction, representing just 12 per cent of the 51,392 units being built in the GTA and slated for delivery in the next three years.

Source: thestar July 02, 2016 11:03 UTC