November 22, 2010
So the new condo market has gone pretty crazy in the past year, and October is no exception.
According to BILD:
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.
Wow– that’s a lot of condos. High-rise condo sales were up 27% from October 2009. 7 out of every 10 homes sold in the GTA in October were high-rise condominium units. These numbers represent the best October on record since 2000– and the best month on record since June 2007. And while the City of Toronto still accounts for the majority of units sold, the biggest spikes in sales activity were in Mississauga, Markham and Vaughan.
The new low-rise market does not tell the same story. Low-rise sales declined by 32 per cent over October 2009. That means that overall new home sales were only up 15.5% over October 2009.
BILD attributes this differential in purchasing patterns to the average price of a home. The RealNet high-rise price index sits at $424,327 while the low-rise index hit $500,532 in October.
So people are buying more of what is relatively cheap– no surprises there! And overall, the new home market is going pretty crazy.