Tag Archives: relative affordability
Condo sales continue to sizzle
Toronto Sun
A total of 2,202 new condominium suites were sold in the Greater Toronto Area in February — marking the first time ever that sales have exceeded the 2,000 unit threshold in that particular month, the Building Industry and Land Development Association (BILD) has revealed.
According to RealNet Canada Inc., BILD’s official source of new home market informaiton, the 2,202 units sold represents the highest February total ever — 36% better than 2010 and 26% higher than the previous high-water mark set in February 2002 when 1,774 new condos were sold. Condo sales accounted for more than six out of every ten new home sales (61%) in the GTA in February.
According to BILD president and CEO Stephen Dupuis, the strength of the new condo market in the GTA in February is a continuance of the factors that have propelled it thus far — the generally positive economic climate, low interest rates and relative affordability compared with low-rise homes.
Dupuis noted however that the month of February was the second-worst on record for low-rise sales, better only than the global recession year of 2009, as higher prices caused by inventory shortages continue to compromise affordability.
“The relative unaffordability of low-rise product has caused a huge market shift towards high-rise condominiums, which is fine to a point, but only if steps are being taken to create a more balanced market over the mid– to long-term,” he said.
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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.
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People prefer ‘jewel boxes’
John Stewart – Mississauga.com
The popularity of living in high-rise condominiums is growing across the 905, but nowhere more than in Mississauga, according to a report.
More than 20,000 new condominiums were sold by Greater Toronto Area homebuilders in 2010 as high-rise new home sales jumped 30% over 2009, the Building Industry and Land Development Association (BILD) said in a press release.
It was the second best year ever for apartment condo sales.
BILD president Stephen Dupuis attributed the trend to “relative affordability (compared with low rise), changing demographics and, to some degree, consumer preference, superlative locations, great building designs and a very high level of standard finishes.”
Those luxury buildings, including many being built in the Mississauga City Centre, are referred to as “jewel boxes” within the industry.
While Toronto remains the biggest market for skyscraping condos, Mississauga and Markham are leading the charge in the 905.
Figures supplied by RealNet Canada Inc. show that 20,349 new high-rise condominium suites sold in 2010, second only to the year 2007.
Sales of high-rise condos accounted for 55% of the total market.
“Within the last decade, the share of the GTA housing market captured by high-rise condo developers has steadily risen from one quarter, which was considered normal, to a third, which was called the new normal, to more than 40% (we called that The Year of the Condo), to the point today where more than half (55% in 2010) of all new home sales annually are high-rise condos,” Dupuis said.
BILD is the voice of the land development, home building and professional renovation industry in the GTA.
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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.
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Construction cranes speak volumes to G20 delegates
Stephen Dupuis – Yourhome.ca
It’s too bad many of the condo sales offices in the downtown core are locked down this weekend for the G20 Summit, because I am sure our world leaders would be pleasantly surprised by the relative affordability of Greater Toronto condos, not to mention our world-class building and suite designs.
Earlier this week, I participated in a news conference designed to highlight the excellent investment opportunities in the Toronto condo market to our foreign visitors. George Carras, president of RealNet Canada Inc. set the tone by revealing the most recent sales statistics for the Greater Toronto condo market, which were up 66% in May and a whopping 244% from January to May.
There’s no question the condo market has been strong this year but until Carras pointed it out, I hadn’t realized that it has never been better. Since 2000, January to May condo sales have averaged 5,850 units. The 8,170 new condos sold so far this year is the new high water mark.
Ever the source of unique market perspectives, Carras produced a chart putting the GTA multi-family (condo) market in North American perspective. At roughly 16,000 units built in 2009, we are number one by far in terms of the volume of highrise construction. Montreal is second at around 13,000 units while the closest U.S. market, New York, is around 8,000 units.
Paul Golini of Empire Communities would love to show off his condo projects to the G20 delegates but unfortunately his Condo Living Store won’t be open this weekend as it is simply too close to the security perimeter.
Still, Golini hopes the G20 delegates will take notice of all the construction cranes and ask themselves what’s going on. “All these cranes scattered across our skyline are symbols of how much housing and construction contribute to our economy. The direct and indirect jobs created by each crane and new construction project are significant, perhaps as high as 400 to 500 jobs per crane,” Golini said.
Having marketed our province around the world as former Minister of Economic Development and Trade, Joe Cordiano, now with Cityzen Development Group, spoke of how Toronto has “come of age” as an international city. “We have many more buyers for our product than we think considering that our marketplace is the world,” he said. With signature buildings like the L-Tower, Pier 27 and Absolute (aka the Marilyn Monroe building) in Mississauga, the Fernbrook Homes/Cityzen partnership has plenty to offer.
Tina Amato, a VP with Baker Real Estate recently launched six new condo projects totalling more than 2,500 units. She noted that their purchaser profile includes global investors. Ironically, Amato noted that her president had left for Russia the night before to promote investment in the Toronto condo market.
For my part, I told the news conference that wherever our condo builders have travelled on highrise housing study tours, be it to U.S. cities like New York, Chicago or Boston, or global destinations like London or Stockholm, we continually discover that we are great condo builders and designers by any definition of world class.
Where we really shine though, is on the affordability scale. Last time I checked, a luxury condo in Sydney, Australia would be double the cost of one here. In New York or Hong Kong, the price would be triple that of Toronto, while in London, the multiple would be six times.
Whether we’re talking about highrise development, design or marketing, Toronto is a truly world class market for affordable condominium residency.
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Contact the Jeffrey Team for more information - 416-388-1960
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