Ten thousand of anything is a lot. When you’re talking about condos, it’s a lot of homebuyers showing a remarkable interest in Toronto’s highrise housing market.
According to RealNet Canada Inc., there 1,764 new condos sold in the GTA in June, bringing the January-June total to a whopping 10,030 units.
With the first half of 2010 in the books, the new home market has risen 69 per cent compared with the first half of 2009, and the driving force has been sales of highrise condo suites, which are up by a dramatic 142 per cent year-over-year.
I will be the first to admit that comparisons with the first half of 2009 are skewed, so I looked back to the first half of 2008, well before the crisis. By this time in 2008, homebuyers had snapped up 7,748 condos. We thought that was a really hot market so to be running 22 per cent ahead in 2010 is simply stunning.
The fact that six out of every 10 new homes sold in June were highrise condo suites reveals the extent to which homebuyers have embraced the highrise lifestyle in the GTA. Through the first six months of the year the split has been 53/47 in favour of highrise condos. Normally, the split is more like 50/50.
As for prices, the highrise price index has jumped 9.6 per cent, from $388,881 last June to $426,252 this June. [full story-->]
Comments