New high-rise condo sales up 66 per cent in September
TORONTO - (Canada News Wire) New home and condominium sales in the Greater Toronto Area spiked 30 per cent in September driven by a whopping 66 per cent increase in high-rise condominium suite sales, Bob Finnigan, president of the Building Industry and Land Development Association (BILD), revealed today.
According to RealNet Canada Inc., BILD’s official, independent source of new home market data, there were nearly 4,000 new homes and condos sold in September, with six in ten of those being high-rise condos.
“It’s getting to sound like a bit of a broken record but the Toronto condo market is THE market story of 2007,” said Finnigan, adding that sales of newly built condominiums are up 31 per cent through the first nine months of the year.
“We’re well on track to smash all condo sales records in 2007. In a positive sense, home buyers are responding to the outstanding design, amenities and tremendous overall value offered in the Toronto condo market. Sales are up substantially, but price increases have remained very moderate in response to the good supply and competitive market.”
“However, some home buyers are backing into the Toronto condo market based on the rising price of low-rise (single-detached, semi-detached and town-home) homes, an outcome of rapidly rising low-rise land prices in the Greater Toronto Area,” Finnigan stated.
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