Toronto Condominiums continue to post strong gains in the new home sales in Toronto and area. New Toronto Condos were up 50 per cent in sales for the month of may, setting a record.
Read the following BILD report:
GREATER TORONTO, June 20, 2011 /CNW/ - 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.
The 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," he 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% |
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