May 24 - New condo market sizzles in April

May 24, 2011

New condo market sizzles in April

Greater Toronto, May 24, 2011 - No amount of rain could slow down the high-rise housing market in the GTA in April as buyers snapped up 3,249 suites, resulting in the best April ever for new condo sales, the Building Industry & Land Development Association (BILD) announced today.

According to RealNet Canada Inc., condo sales were up 89 per cent compared with April 2010, and 23 per cent on a year-to-date basis. In addition to being the best April ever, the 3,249 units sold amount to the third-best monthly condo sales tally on record. April sales were double the average levels achieved over the last 12 years, RealNet revealed.

Remarkably, nearly two-thirds (64 per cent) of all new home sales in April were high-rise condo suites, which in itself is a record-high monthly market share. On a year-to-date basis, six of every 10 new homes sold have been a condo suite.

"We're running out of superlatives to describe the high-rise housing market in the GTA," said BILD President and CEO Stephen Dupuis. "The fact is that a new condo was purchased every 13 minutes last month, which pretty much says it all."

As for the low-rise market, April sales declined by four per cent compared with April 2010, and are down 14 per cent on a year-to-date basis, reflecting price pressure caused by the very restricted supply of low-rise land. Low-rise prices are up 7.3 per cent year/year to $524,954 while high-rise prices are up 5.2 per cent to $447,352.

"The $77,602 differential between the low- and high-rise price index goes a long way towards explaining the low-rise slowdown as well as the high-rise surge," Dupuis concluded.

April '11

Low Rise

 

High Rise

 

Total

 

Region

2010

2011

% Change

2010

2011

% Change

2010

2011

%Change

Durham

226

274

21.2%

3

11

266.7%

229

285

24.5%

Halton

237

144

-39.2%

31

191

516.1%

268

335

25.0%

Peel

578

601

4.0%

157

88

-43.9%

735

689

-6.3%

Toronto

38

102

168.4%

1,445

2,402

66.2%

1,483

2,504

68.8%

York

785

661

-15.8%

87

557

540.2%

872

1,218

39.7%

GTA

1,864

1,782

-4.4%

1,723

3,249

88.6%

3,587

5,031

40.3%

Jan-April

6,775

5,810

-14.2%

7,040

8,675

23.2%

13,815

14,485

4.8%

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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