For the first time in twelve months, the low-rise sector of the GTA housing market outsold its high-rise counterpart.
According to BILD and their source of new home market intelligence, RealNet, there were 1,794 new homes and condo units sold in the GTA in January. The RealNet data indicates that 1,128 sales were low-rise, amounting to 63 per cent of the market share.
So what gives? We thought Toronto was the condo capital of the world? Doesn’t that mean high-rise sales should be through the roof?
We’ll let BILD chairman Paul Golini field those questions…
“This time of year is typically used for developers to sell existing units while agencies put together new marketing campaigns and construct sales offices,” he explained in a press release.
“While the 40 per cent decline in the high-rise sector might seem like a lot, it follows a record-breaking year in condominium sales, so it’s not a fair comparison.”
The RealNet data also indicates that the 905 regions are still hot, hot, hot! High-rise and low-rise sales in York both increased by a combined total of 12.5 per cent.
As far as prices go, the high-rise price index was virtually unchanged from January 2011 and sits at $445,854 while the low-rise price index rose 7 per cent over January 2011 to $551,372.
For those of you who like data presented in chart form, here’s an awesome chart: