GTA New Condo Market Sizzles in April

GREATER TORONTO - May 24, 2011 – 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.
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.



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.