May 2011 Sees Boost In GTA Condo Sales

Best May ever for new condo sales

 

June 20, 2011 – Toronto’s new condo market seems to want to continue its momentum. Low-rise, high-rise and total new home sales in the Greater Toronto area were all up year over year in May, with high-rise condo sales racing ahead with a 50 per cent increase, the Building Industry and Land Development Association (BILD) announced today.

On a year to date basis, total new home sales in the GTA are running 12 per cent ahead of January-May 2010, driven by a 29 percent surge in high-rise sales. The low-rise sector is running 6 per cent behind last year through May.

Stephen Dupuis, President and CEO of BILD, noted that it was the best May ever for new condominium sales, following right on the heels of a record-breaking April.

“These last few months have witnessed some incredible condo buyer demand, whether for end-use or investment. The primary factors driving the market appear to be 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,” Dupuis stated.

 

May ’11
Low Rise
High Rise
Total
Region
2010
2011
% Change
2010
2011
% Change
2010
2011
%Change
Durham
333
262
-21.3%
13
5
-61.5%
346
267
-22.8%
Halton
205
112
-45.4%
60
29
-51.7%
265
141
-46.8%
Peel
348
581
67.0%
50
194
288.0%
398
775
94.7%
Toronto
34
79
132.4%
1,322
2,081
57.4%
1,356
2,160
59.3%
York
574
822
43.2%
182
124
-31.9%
756
946
25.1%
GTA
1,494
1,856
24.2%
1,627
2,433
49.5%
3,121
4,289
37.4%
Jan-May
8,265
7,774
-5.9%
8,668
11,208
29.3%
16,933
18,982
12.1%

As you can see from the above table, the GTA has seen an increase of 24.2% in low rise and a whopping 49.5% increase in high rise condominiums. Peel, Toronto and York all saw increases over last year, however Durham and Halton were below last year’s new condo sales.