June 20 - Best May ever for new condo sales

June 20, 2011

Best May ever for new condo sales

Greater Toronto, June 20, 2011 - Low-rise, high-rise and total new home sales in the Greater Toronto area were all up year over year in May, with high-rise condo sales racing ahead with a 50 per cent increase, the Building Industry and Land Development Association (BILD) announced today.

According to RealNet Canada Inc., there were 4,289 new homes and condominium suites sold in the GTA in May, with sales of low-rise (single, semi-detached and townhomes) product up 24 per cent, high-rise up a whopping 50 per cent and total new home sales up a solid 37 per cent.

On a year to date basis, total new home sales in the GTA are running 12 per cent ahead of January-May 2010, driven by a 29 percent surge in high-rise sales. The low-rise sector is running 6 per cent behind last year through May.

Stephen Dupuis, President and CEO of BILD, noted that it was the best May ever for new condominium sales, following right on the heels of a record-breaking April.

"These last few months have witnessed some incredible condo buyer demand, whether for end-use or investment. The primary factors driving the market appear to be relative affordability (compared with low-rise here and high-rise globally), low interest rates and, to give the builders their due, some great building and suite designs in some great locations," Dupuis stated.

May '11

Low Rise

 

High Rise

 

Total

 

Region

2010

2011

% Change

2010

2011

% Change

2010

2011

%Change

Durham

333

262

-21.3%

13

5

-61.5%

346

267

-22.8%

Halton

205

112

-45.4%

60

29

-51.7%

265

141

-46.8%

Peel

348

581

67.0%

50

194

288.0%

398

775

94.7%

Toronto

34

79

132.4%

1,322

2,081

57.4%

1,356

2,160

59.3%

York

574

822

43.2%

182

124

-31.9%

756

946

25.1%

GTA

1,494

1,856

24.2%

1,627

2,433

49.5%

3,121

4,289

37.4%

Jan-May

8,265

7,774

-5.9%

8,668

11,208

29.3%

16,933

18,982

12.1%

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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