July 19 - Condo market surfing the heat wave, June sales up 62 per cent

July 19, 2011

Condo market surfing the heat wave, June sales up 62 per cent

The high-rise condo market in the Greater Toronto Area is mirroring the heat wave that is currently gripping the City with sales of new-build condos rising 62 per cent in June compared with June 2010, the Building Industry & Land Development Association revealed today.

Combined with a 40 per cent increase in sales of single-detached, semi-detached and town homes, total new home sales in June were up 53 per cent compared with the previous year.

According to RealNet Canada Inc., who have independently tracked the GTA housing market for decades, the last three- and six-month periods represent the best second quarter and first half ever for high-rise condominium sales. On a year-to-date basis, sales of high-rise condominium suites are up 39 per cent over the first half of 2010, while total new home sales are up 20 per cent.

Scrutinizing the numbers, BILD President and CEO Stephen Dupuis said he has run out of superlatives to describe the high-rise condo market. "Perhaps the most astounding statistic is the fact that nearly two-thirds (65 per cent) of all new home sales in the GTA in June, and 61 per cent from January-June, were high-rise condominium suites, which is well above the Growth Plan intensification target of 40 per cent," he said.

As for prices, the RealNet low-rise price index currently sits at $549,371, up 12.6 per cent or $61,531 since last June. Meanwhile, the high-rise price index checks in at $461,692, up 8.3 per cent or $35,440 year/year.

June '11

Low Rise

 

High Rise

 

Total

 

Region

2010

2011

% Change

2010

2011

% Change

2010

2011

%Change

Durham

293

276

-5.8%

7

4

-42.9%

300

280

-6.7%

Halton

112

201

79.5%

50

64

28.0%

162

265

63.6%

Peel

264

395

49.6%

53

318

500.0%

317

713

124.9%

Toronto

97

93

-4.1%

1,422

2,309

62.4%

1,519

2,402

58.1%

York

417

689

65.2%

335

332

-0.9%

752

1,021

35.8%

GTA

1,183

1,654

39.8%

1,867

3,027

62.1%

3,050

4,681

53.5%

Jan-June

9,447

9,441

-0.1%

10,466

14,547

39.0%

19,913

23,988

20.5%

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.
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