December 20 - Best November ever for new high-rise condo sales

December 20, 2010

Best November ever for new high-rise condo sales

Greater Toronto, December 20, 2010 - The high-rise condominium market continued to reach new heights last month, rising 8.4 per cent over November 2009, with the 2,293 new condominium suites sold representing the best-ever November performance, the Building Industry & Land Development Association (BILD) revealed today.

Combined with sales of 1,788 single-detached, semi-detached and townhome units, new home and condo sales in the Greater Toronto Area in November totalled 4,081 units, up 1 per cent over November 2009, according to RealNet Canada Inc., BILDs official source of new home market intelligence.

With 11 months of data in the books, the GTA new housing market is running 14 per cent ahead of 2009, with an 11 per cent decrease in low-rise sales more than offset by a whopping 47 per cent increase in high-rise sales, year/year.

Following several months of above-average sales of condominiums in the 905 municipalities, the 80/20 rule came back into effect in November, and then some, with 82 per cent of all high-rise condo sales being recorded in the 416 area code.

"This has truly been the year of the condo, with high-rise sales accounting for an astonishing 56 per cent of the 35,190 units sold so far this year," said BILD President and CEO Stephen Dupuis. "The healthy high-rise market reflects a number of factors, including great building and suite designs, a very high level of standard finishes, superlative locations, affordable prices (relative to low-rise and especially by global standards), changing demographics and to a lesser degree, consumer preferences." 

November '10

Low Rise

 

High Rise

 

Total

 

Region

2009

2010

% Change

2009

2010

% Change

2009

2010

%Change

Durham

277

178

-35.7%

10

6

-40.0%

287

184

-35.9%

Halton

296

665

124.7%

175

60

-65.7%

471

725

53.9%

Peel

720

344

-52.2%

142

210

47.9%

862

554

-35.7%

Toronto

86

117

36.0%

1,527

1,890

23.8%

1,613

2,007

24.4%

York

545

484

-11.2%

262

127

-51.5%

807

611

-24.3%

GTA

1,924

1,788

-7.1%

2,116

2,293

8.4%

4,040

4,081

1.0%

Jan-Nov

17,421

15,480

-11.1%

13,400

19,710

47.1%

30,821

35,190

14.2%

Source:  RealNet Canada Inc.

With more than 1,350 members, BILD, formed through the merger of the Greater Toronto Home Builders' Association and Urban Development Institute/Ontario, is the voice of the land development, home building and professional renovation industry in the Greater Toronto Area.  BILD is proudly affiliated with the Ontario and Canadian Home Builders' Associations.