Tag Archives: new homes in the gta
Excerpt from an article by Theresa Boyle, Real Estate Reporter, Toronto Star
New highrise condos continue to sell at record levels in the Greater Toronto Area.
New figures released by the association representing the region’s builders show that total sales for 2006 were virtually tied with those of 2005, a record-setting year.
There were 17,617 new highrise condo suites sold in 2006, only 23 units fewer than 2005, according to the GTHBA-UDI (Greater Toronto Home Builders’ Association-Urban Development Institute).
Highrise condos continue to make up a greater portion of all new homes sold, eating into the low-rise sector’s market share.
Some 44% of all new homes sold last year were highrise condos, compared to 42% in 2005 and 33% in the previous year.
With this decrease taken into account, overall sales of new homes in the GTA â€“ both low-and highrise â€“ increased by 5%.
“The new home market remains strong and vibrant, based first and foremost on the aspirations of GTA homebuyers to buy their first home or move up to their dream home, combined with low mortgage rates and tremendous choice and value in the new home market,” says GTHBA-UDI president Bob Finnigan.
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