It was an exciting morning for housing market stats nerds across the Greater Toronto Area as RealNet Canada, a go-to source for real estate info in Canada released their strategic review of the GTA’s 2011 new home markets.
The conference saw George M. Carras, the President of RealNet, join Joe Vaccaro, the acting President of BILD and Paul Golini, the BILD’s Board Chairman, for the big reveal this morning.
Perhaps the most significant stat was divulged immediately: the GTA saw 45,926 new home sales in 2011, the second highest yearly total in the region’s history. This figure represents about $22 billion of real estate, according to RealNet.
The review also found that there were huge increases in high rise and total new home sales as well as a significant increase in high rise sales in the 905 region.
Now, let’s get down to the nitty gritty. The meat of the media conference, if you will…
- New high rise home types reached a record high 62 per cent of all new home sales in 2011
- Total high rise sales in 2011 were 28,466
- The low rise sector hit a record low of 38 per cent of all new home sales (a total of 17,460)
- Apartment condos outsold detached homes 3:1
- One of every three new homes sold in the 905 area in 2011 were high rise new homes
- The RealNet Price Index for high rise new homes indicates that while the average price per square foot rose by more than 4 per cent last year ($529/sf), the average unit price was down by 2 per cent from the previous year to $434,322
- New home inventory has shrunk, resulting in a significantly diminished supply of both high and low rise projects
- Remaining inventory is 15,306 for high rise and 5,827 for low rise
- The number one new home product type in the GTA is the apartment condo at 59 per cent of total new home sales in 2011
- The GTA’s population has grown over the last 30 years by over 2.5 million people, resulting in increased demand for housing