Toronto new condo market soars to new heights
The new homes market in the GTA broke two records in November, raising the bar for both high-rise sales and total new home sales, the Building Industry and Land Development Association (BILD) revealed today.
According to RealNet Canada Inc., BILD’s official source of new home market intelligence, there were 4,640 new homes and condominium units sold in the GTA in November, slightly edging its 2010 predecessor by six% and outweighing the 2001 record for total new home sales that month. Things were particularly hot in the high-rise sector, with 3,137 sales smashing 2010′s record for most units sold in November by 21%.
On a year-to-date basis, 2011 is the best year ever for high-rise sales, surpassing the 2007 record of 23,234 back in October. While the City of Toronto still played an integral part in this accomplishment, high-rise sales in York Region more than doubled in November, which follows the trend of the last several months.
“The fact that we’ve sold more condos at the end of October than we have in all of 2007 tells us that the GTA is growing up,” said BILD Acting President Joe Vaccaro. “A lot of this success is a result of some considerable activity in the 905 regions, with more buyers taking advantage of transit-supported communities.”
Prices for low-rise homes increased by seven% to $536,537 over October 2011, while high-rise pricing remained relatively unchanged – down one% to $428,800.
Contact the Jeffrey Team for more information – 416-388-1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.