October 19 - Condo market sets new September, year-to-date records

October 25, 2011

Condo market sets new September, year-to-date records

Greater Toronto, October 19, 2011 - The high-rise market in the GTA broke yet another record as new condominium sales smashed it's 2010 predecessor for the month of September, the Building Industry and Land Development Association (BILD) revealed today.

According to RealNet Canada Inc., BILD's official source of new home market intelligence, there were 3,772 new homes and condominium suites sold in the GTA in September, with sales of low-rise (single, semi-detached and townhomes) product up five per cent, high-rise up an impressive 53 per cent and total new home sales up a solid 34 per cent over September 2010.

On a year-to-date basis, total new home sales in the GTA are running 28 per cent ahead of January-September 2010, driven by a 44 per cent surge in high-rise sales which breaks another record for the high-rise market. The low-rise sector is also on the rise, running nine per cent ahead of last year through September.

"With sales in the 416 accounting for 46 per cent of total new homes sold in September, there's still considerable activity happening outside of the city," said BILD Chair Paul Golini Jr.

"High-rise sales in York Region have more than tripled in September and are up 145 per cent year-to-date, which is a welcome sign that we are on our way to meeting the 40 per cent Growth Plan intensification target," added BILD Acting President Joe Vaccaro.

The price gap between high- and low-rise homes in the GTA currently sits at $98,401.

September '11

Low Rise

High Rise

Total

Region

2010

2011

% Change

2010

2011

% Change

2010

2011

%Change

Durham

177

220

24.3%

9

5

-44.4%

186

225

21.0%

Halton

286

198

-30.8%

56

74

32.1%

342

272

-20.5%

Peel

210

236

12.4%

191

153

-19.9%

401

389

-3.0%

Toronto

29

29

0.0%

1,245

1,695

36.1%

1,274

1,724

35.3%

York

370

437

18.1%

234

725

209.8%

604

1,162

92.4%

GTA

1,072

1,120

4.5%

1,735

2,652

52.9%

2,807

3,772

34.4%

Jan-September

12,228

13,341

9.1%

14,409

20,729

43.9%

26,637

34,070

27.9%

Source: RealNet Canada Inc.

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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.