For the first time ever, there were more pre-construction condos sold in the 905 area than Toronto last year.

Last year was the first time that 905-area condos eclipsed pre-construction sales in the City of Toronto with a 51 per cent share of the 18,247 units sold. But the overall number of new launch sales was 28 per cent below 2019 sales, according to a year-end report released on Monday.

Sixty per cent of the condos launched last year were one-bedroom and studio apartments, compared to 53 per cent in 2019.

In the City of Toronto, developers were selling bigger condos — 706 sq. ft. on average compared to 676 sq. ft. the year before. But in the 905 markets, condos shrank down to 688 sq. ft. compared to 715sq . ft. the previous year.

Renewed lockdown restrictions after a second wave of infections hit the country are threatening expectations for a strong recovery after the economy likely posted its biggest GDP drop on record of 5.1 per cent in 2020.

Yet the Canadian housing market showed resilience, helped by record low mortgage rates and massive fiscal spending.

Article and header image via The Star, click here to read more.