New High-Rise Condo Sales in GTA Reach New Height

GREATER TORONTO, Ont. — New home builders sold 3,159 new condo suites as well as 1,376 low-rise homes in a very active month of October in the GTA new home market, according to a report release by the Building Industry & Land Development Association (BILD).
With an astonishing seven out of every ten new homes sold in October being a high-rise condominium suite, high-rise condo sales were up 27 per cent over October 2009, and are running 52.6 per cent ahead of the January-October 2009 period. On a year-to-date basis, more than half (56 per cent) of the 30,914 housing units sold have been high-rise condos.
According to RealNet Canada Inc., BILD’s official source of new home market data, the total of 4,535 new homes and condos sold in October amounts to the best October result since 2000 and the second best month ever for high-rise sales after June 2007.
The City of Toronto continues to account for the bulk of all condo sales (76 per cent in October), although the biggest spikes in activity were in the Regions of Peel (particularly Mississauga) and York (particularly Markham and Vaughan), which were up 164 and 138 per cent respectively. www.bildgta.ca