Monday, June 20, 2011

Toronto condo sales set May record

The Greater Toronto Area condo market set a sales record for the second month in a row, with May sales up 37% compared to a year ago.

Realnet Canada Inc. said there were 4,289 new homes and condos sold in May in the Greater Toronto Area, with sales of low-rise housing up 25 per cent and high-rise condos up a “whopping” 50 per cent.

Sales this year are 12 per cent ahead of where they were last year.

BILD Toronto attributed the boost to “relative affordability (compared with low-rise here and high-rise globally), low interest rates and, to give the builders their due, some great building and suite designs in some great locations.”

The Toronto Real Estate Board recently released its market update for the first two weeks of June, and said the average resale price for a condo in the GTA was $326,750, up six per cent from a year ago. A detached home, meanwhile, sold for an average $599,208 up 11 per cent from a year ago.

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