Friday, February 25, 2011

GTA High-Rise Condo Sales Reach Record Highs

According to newly released statistics from the Building Industry and Land Development Association (BILD), 2011 has started off with a bang in GTA- in regards to the high-rise condo sector.

According to RealNet, their primary information source, 2,335 new homes and condominium suites sold in the GTA during January 2011. This does signal a 13 % decline from this time a year ago; however, high-rise sales skyrocketed, reaching the second highest level since 2000. BILD President and CEO Stephen Dupuis indicated that 2,335 unit sales in January is quite respectable considering that most builders are using that month to sell inventory as they prepare to launch new phases and projects in February and March.

"January is not a heavily weighted month in the grand scheme of things, but sales of over 2,300 units in January bodes well for the Spring market," Dupuis said.
Regionally, low-rises in Toronto itself saw the greatest decline- dropping almost 45% from last January. The biggest increase for low-rises occurred in Halton, where there was actually an increase of 72.4%.
For high-rises, the greatest drop occurred in Halton, where sales fell by 45.7%. The greatest increase was in Peel, where sales went up by 23.3%.