“The healthy high-rise market reflects a number of factors, including great building and suite designs, a very high level of standard finishes, superlative locations, affordable prices (relative to low-rise and especially by global standards), changing demographics and to a lesser degree, consumer preferences.”
2010: The year of the con-no-do dragon… High-rise condos account for 56 per cent of sales
December 20, 2010
Thought things were cooling down in the GTA housing market? Think again. According to BILD, Toronto’s new condo market reached new heights last month rising 8.4 per cent from November 2009. A whopping 2,293 new condos were sold.
The number of new units sold, including townhomes and detached homes, reached 4,081. This figure represents an increase of 1 per cent over November 2009.
And that trend is fairly consistent– the trend toward more high-rise units. Overall in 2010, the housing market is running 14 per cent ahead of 2009 (mostly due to the earlier half of the year). There’s been an 11 per cent decrease in the number of low-rise sales– but that’s been offset by a 47 per cent increase in high-rise sales. Yes, that’s right, a 47 per cent increase. Pretty crazy, huh?
And wait– there’s more. Not only have condo sales increased at a rapid rate, but they also represent 56 per cent of the total sales completed this year.
BILD President CEO Stephen Dupuis notes:
And it sounds good to me– anything that increases urban density and I’m definitely down. Developers are doing a pretty good job providing what the market wants. Holla at ‘ya developers.