Someone is clearly buying all those condos because condo sales in Toronto hit a 15-year record high last month.
The Building Industry and Land Development Association reported that condos sales were the highest they've been in the 15 years since it began tracking data for the GTA.
Of the incredible 5,377 new homes sold in October, the vast majority, about 91 per cent, were a mix of condo apartments in low and mid-rise buildings, multi-family homes, and stacked town homes.
This is partly due to both the scarcity and appreciation of low-rise, single family homes, which comprised the remaining 9 per cent of sales last month.
So far this year, 39,476 new homes have been sold in the GTA, 82 per cent of them condos in high and low-rise buildings and stacked town houses, averaging about $677,456 a pop.
By comparison, single-family homes averaged about $1.22 million, up a smidgen (0.9 per cent) from September.
by Lisa Power via blogTO