Sundeep Babbar

Sales Representative
RE/MAX Realty One Inc. Brokerage
Independently owned and operated.
102-50 Burnhamthorpe Rd. W. , Mississauga ON, L5B 3C2

Office: 905-277-0771

Direct: 416-738-7331

Fax: 905-277-0086

New condo sales set record in February

March 29, 2011 - Updated: March 29, 2011

New condo sales set record in February

GREATER TORONTO, March 22 /CNW/ - There were 2,202 new condominium suites sold in the Greater Toronto Area in February,

marking the first time ever that sales have exceeded the 2,000 unit threshold in that particular month, the Building Industry and 

Land Development Association (BILD) revealed today.

 

According to RealNet Canada Inc., BILD's official source of new home market intelligence, the 2,202 units sold represents the 

highest February total ever, 36 per cent better than 2010, and 26 per cent higher than the previous 

high-water mark set in February 2002, when 1,774 new condos were sold. Condo sales accounted 

for more than six out of every ten new home sales (61 per cent) in the GTA in February. 

 

According to BILD President and CEO Stephen Dupuis, the strength of the new condo market in the GTA in February is a continuance

of the factors that have propelled it thus far:  the generally positive economic climate, particularly continued low interest rates;

relative affordability (compared with low-rise homes); superlative building and suite designs; and great value in terms of building 

amenities and suite finishes.

 

"The relative un-affordability of low-rise product has caused a huge market shift towards high-rise condominiums

which is fine to a point, but only if steps are being taken to create a more balanced market over the mid- to long-term," he stated.

 

February '11

High Rise 

  2010 %

Total 

   2011 %  

Region

2010

2011

% Change

2010

2011

%Change

Durham

7

12

71.4%

263

266

1.1%

Halton

23

44

91.3%

328

189

    -42.4%

Peel

90

65

-27.8%

492

490

     -0.4%

Toronto 

1,384 

1,728 

24.9% 

1,473 

1,769 

20.1% 

York

114

353

209.6%

796

888

11.6%

GTA

1,618

2,202

36.1%

3,352

3,602

7.5%

Jan-Feb

2,686

3,355

24.9%

5,684

5,891

3.6%

Source:  RealNet Canada Inc.


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