Sales of new condos in the Toronto area last month hit the highest level ever for the month of March, according to research firm RealNet Canada Inc.
The number of newly constructed units in and around the city that found a buyer last month reached 2,496. That’s more than double the number from a year earlier, and significantly above the average 1,753 units that sold in the month of March over the past ten years.
While developers hailed the sales surge in March as a sign of consumers’ renewed confidence in the market, many experts are still warning of potential problems ahead.
The Bank of Canada noted in December that there is an “elevated” number of unsold condos that are still being planned or under construction in Toronto, and that any correction in the city’s condo market could spread to other parts of the housing market and drag down the real economy.
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