May 13, 2010
New construction highrise homes in the city of Toronto did well last month. According to RealNet Canada Inc. last month saw the sale of 2,483 new construction highrise units in Toronto. This is the third highest monthly total in the past decade – falling behind only June 2007 and July 2007.
The strong sales were fueled by a hot market as well as 10 new project launches in March which made up 35% opf the sales.
The sale of new construction low rise homes had a pretty stellar month as well. There were a total of 1,961 new low rise units that sold, the highest total in five years – since March 2005.
In addition to strong sales, RealNet reports prices are way up from a year ago. The average cost of a condo in March 2010 was $420,087, an increase of 7.9% since March 2009. The average cost of a low rise home was $490,395, an increase of 10.7% since March 2009.*
*RealNet Stats are contradicted by those of Statisitics Canada – read more here –>