Condos were hot property before 2020. Then the market slowed down. We saw condo and home sales drop across Canada. But things are changing fast. The GTA is now a hotspot for new condo searches. Buyers are looking for the latest developments. They want modern designs and cool amenities. Developers know they can’t mess up. Buyers are smart and know a lot about pre-construction condos in GTA. They won’t settle for less. So today, we’re going to talk about some of the exciting new condo projects in GTA. These developments are shaping the future of GTA living in 2024.
GTA Condo Market Overview 2024
The GTA condo market in 2024 is a mixed bag. We’re seeing low sales and high inventory, a trend that’s been going on since early this year. Most buyers and developers are sitting on the fence. Sales dropped by 66% compared to last year, with only 1,688 deals in the second quarter. It’s the lowest in 20 years, except for 2020 when COVID hit. But there’s a silver lining – sales are up by 200 from the first quarter.
Upcoming condo developments in GTA are facing challenges. Developers are holding back due to rising inventory and government fee disputes. But change might be coming. Money markets predict more rate cuts soon.
Desjardins expects six more cuts in 2025, potentially lowering borrowing costs. This could bring buyers back to the market. We’re watching to see if the trend of a few new launches continues as the year ends.
Promising New Condo Projects in GTA
The GTA condo market is evolving rapidly in 2024. Despite recent challenges, new projects are emerging across the region. These developments offer exciting opportunities for homebuyers and investors. Let’s explore some of the most promising GTA condo projects 2024 has to offer.
Here are some standout new condos for sale in GTA:
LSQ 2 Condos
Located in North York, LSQ 2 is part of a master-planned neighborhood. It offers 338 units across 30 floors, with occupancy expected in 2028. Starting from $600K, it features 1-3 bedroom units and health-focused amenities. The project is close to Fairview Mall and several parks.
1989 Condos
This Burlington development includes 463 units in 22-story towers. Occupancy is set for 2028, with prices starting at $400K. It’s well-connected to highways and close to downtown Burlington and the lake.
Highmark Condos
Situated in Pickering, Highmark offers 346 units in a 16-story building. Occupancy begins in 2026, with prices from $500K. It’s centrally located near shopping, entertainment, and green spaces.
Thompson Towers
Thompson Towers, Milton’s first skyscraper, offers 200 units across 31 floors. Set for 2026 occupancy, prices start at $500K. It features modern amenities and great transit connections. This landmark project marks a new era of vertical living in Milton’s growing skyline.
Pickering City Centre
This ambitious project features 500 units in a 45-story tower. Occupancy begins in 2026, starting at $500K. It’s part of a plan to revitalize downtown Pickering.
BLVD. Q Condos
Located in Etobicoke, this 11-story development offers 210 units. Occupancy starts in 2026, with prices from $500K. It’s situated in a vibrant area with good highway access.
Popular Areas for New Condo Developments in GTA
The GTA is booming with new condo projects in many cities. North York is drawing lots of buyers with its mix of urban and suburban living. Burlington is gaining popularity for those who want to live west of Toronto. It offers great value and a growing community.
Pickering is on the rise, with new developments changing its look. Milton is starting to reach for the sky with its first tall towers. Etobicoke keeps growing and attracting people who want to be close to Toronto but not right in it.
When buying pre-construction condos in the GTA, these cities are worth a look. They’re some of the best new condo development spots in GTA. Each place has its own feel. You can find busy city life or quieter areas. Pick based on what suits you and where you think will grow most.
Pre-Construction Condos in GTA: Buyer Tips
Buying a new condo in GTA can be exciting, but it’s also tricky. Many first-time buyers make mistakes when jumping into the market. The GTA is huge with lots of options. It’s easy to feel overwhelmed. But don’t worry! Here are some tips to help you make a smart choice:
- Research the developer’s track record
- Check the neighborhood’s growth potential
- Understand all fees and closing costs
- Visit the sales center and ask lots of questions
- Get a lawyer to review your contract
Remember, buying a condo is a big step. Take your time and do your homework. With these tips, you’ll be better prepared to find the right pre-construction condo in GTA for you.
