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Tale of two markets: 2017 Toronto condo demand soared while sales of new single-family homes slumped.

Original article via Globe and Mail.

It was a year of extremes in Toronto’s new-home market, with pre-construction sales of single-family homes falling 58 per cent in 2017 while new condominium sales soared to a record high.

Altus Group, which collects data on the construction sector, said builders sold 7,700 new single-family homes in the Greater Toronto Area last year, the lowest number recorded since the firm began tracking construction trends over a decade ago. Sales were down 58 per cent from 2016, when 18,365 new homes were sold.

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