December 1, 2010
This was a pretty awesome October. The weather was mild AND the GTA condo sales went wild.
According to Stephen Dupuis’ article in the Toronto Sun:
New condominium units claim[ed] an astonishing 70% of total new home sales in the GTA in October, according to RealNet Canada Inc.
In total, there were 3,159 high-rise units sold in the GTA in October which represents an increase of 27% over October 2009. But overall sales were relatively unchanged– so that means that during October people moved higher rather than more.
There was one other shift worth noting. While sales in Toronto still represented three quarters of the overall sales, condo sales growth was primarily in the 905 regions. York region experienced 164% growth and Peel region had 138%.
So why are people moving on up? The answer is pretty simple: price. The high-rise price index sits at $424,337 which is $75,000 less than the low-rise index. The differential can be explained by a lack of supply in the low-rise market.
What can we learn from this October? People are moving up and moving out. And we’re buzzing out. Bzzz. Bzzz.