TORONTO, Dec. 20 /CNW/ - The high-rise condominium market continued to reach new heights last month, rising 8.4 per cent over November 2009, with the 2,293 new condominium suites sold representing the best-ever November performance, the Building Industry & Land Development Association (BILD) revealed today.
Combined with sales of 1,788 single-detached, semi-detached and townhome units, new home and condo sales in the Greater Toronto Area in November totalled 4,081 units, up 1 per cent over November 2009, according to RealNet Canada Inc., BILDs official source of new home market intelligence.
With 11 months of data in the books, the GTA new housing market is running 14 per cent ahead of 2009, with an 11 per cent decrease in low-rise sales more than offset by a whopping 47 per cent increase in high-rise sales, year/year.
Following several months of above-average sales of condominiums in the 905 municipalities, the 80/20 rule came back into effect in November, and then some, with 82 per cent of all high-rise condo sales being recorded in the 416 area code.
"This has truly been the year of the condo, with high-rise sales accounting for an astonishing 56 per cent of the 35,190 units sold so far this year," said BILD President and CEO Stephen Dupuis. "The healthy high-rise market reflects a number of factors, including great building and suite designs, a very high level of standard finishes, superlative locations, affordable prices (relative to low-rise and especially by global standards), changing demographics and to a lesser degree, consumer preferences."
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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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