Condo boom continues to take hold in the 905 regions

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Markham has the highest number of condo buyers in the 905 regions, Oakville being the second highest. 
The number of Canadian buyers is decreasing and thus, it has dropped from  199,800 in July to 192,400 in August.

The vast majority of the new homes on which construction began were high-rise condos (110,800) compared to new low-rise homes (64,800) as intensification continues its march skyward in the country’s major urban centers.
Housing starts in Toronto were down slightly in August to 30,093 on an annualized basis, compared to 32,449 in July, mainly due to a slowdown in high-rise starts, said CMHC.
Building starts have slowly been trending lower across the GTA as the record number of condo units sold in 2011 get built out and sales of new projects remain well below those record levels.
There was strength in the suburbs such as Markham, however, which recorded 460 units started in August. Oakville was second at 331 units.
That compares to 204 units in Toronto, down significantly from the 1,168 units that were started as of August of 2013.
BMO economists noted that Ontario starts may be slightly below historic averages, but “the condo market (in Toronto) continues to significantly outrun the single detached (house) market where supply is constrained in the GTA.”
CIBC World Markets cautioned that “despite recent resiliency, we still expect housing’s contribution to (economic) growth to slowly wane as we progress through this business cycle, with affordability concerns and a weak labour market putting pressure on the building sector going forward.”

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