GTA Condo Market Surfing the Heat Wave

TORONTO — July 19, 2011 - The high-rise condo market in the Greater Toronto Area is mirroring the heat wave that is currently gripping the City with sales of new-build condos rising 62 per cent in June compared with June 2010, the Building Industry & Land Development Association (BILD) revealed today.
Combined with a 40 per cent increase in sales of single-detached, semi-detached and town homes, total new home sales in June were up 53 per cent compared with the previous year.
According to RealNet Canada Inc., who have independently tracked the GTA housing market for decades, the last three- and six-month periods represent the best second quarter and first half ever for high-rise condominium sales. On a year-to-date basis, sales of high-rise condominium suites are up 39 per cent over the first half of 2010, while total new home sales are up 20 per cent.
Scrutinizing the numbers, BILD President and CEO Stephen Dupuis said he has run out of superlatives to describe the high-rise condo market, noting that, “Perhaps the most astounding statistic is the fact that nearly two-thirds (65 per cent) of all new home sales in the GTA in June, and 61 per cent from January-June, were high-rise condominium suites, which is well above the Growth Plan intensification target of 40 per cent.”.
As for prices, the RealNet low-rise price index currently sits at $549,371, up 12.6 per cent or $61,531 since last June. Meanwhile, the high-rise price index checks in at $461,692, up 8.3 per cent or $35,440 year/year.

Source: RealNet Canada Inc.