We don’t need to remind you that 2011 was a record breaking year for sales in Toronto (we will anyway though), but stats from early-2012 indicate that the GTA new housing market is easing back into stability.
The Building Industry and Land Development Association released a statement today that noted a 16 per cent rise in low-rise sales in February 2012 over February 2011.
The stats, provided by the always-reliable RealNet, indicated that the numbers fall in line with the historic trend when compared to February 2010. High-rise sales in February 2010 numbered 1,610 while February 2012 saw 1,666 singles, semis and townhomes sold. This was enough to capture the majority of the market share for the second time this year.
So is the GTA in danger of losing its condo capital of the world status? We wouldn’t worry about it. According to BILD, the 59 per cent decline in high-rise sector sales was mostly caused by “a transitional pause in the Toronto market as builders continue to sell existing inventory before launching a new series of projects.”
“Following a slow period in late-2011, the low-rise sector has once again stabilized and we are seeing steady activity, particularly in the 905 markets,” BILD Acting President Joe Vaccaro said in a press release. “On the high-rise side, while it may appear that sales are down from last year, it actually reflects the typical February lag as existing units are purchased while new condominium projects prepare to launch in the City of Toronto later this year.”
Vaccaro also noted that the high-rise price per square foot has increased by 2 per cent over February 2011, pointing to design innovation and construction controls builders have in place as reasons for this relatively low rise in price.
Do we have the GTA sales broken down by region in chart form? We’re glad you asked…