New condo market sizzles in April

GREATER TORONTO, May 24, 2011 /CNW/ - 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.

 

 

SOURCE Building Industry and Land Development Association

For further information:

Andrei Zaretski        Stephen Dupuis
Manager, Marketing & Media Relations        President, Chief Executive Officer
416-391-3450 or 416-843-4898        416-391-3453 or 416-948-8654
azaretski@bildgta.ca        sdupuis@bildgta.ca

 


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