Toronto Loft Conversions

Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Unique Toronto Homes

More than just lofts, I can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

2006 was a very good year for new-home sales

High-rise condo market share hits all time-high

From The Condo Guide Magazine

Sales of new high-rise condos in the Greater Toronto Area last year came within a hairs-breadth of the all-time high while the proportion of high-rise condos sales smashed the all-time record, says Bob Finnigan, President of the Greater Toronto Home Builders’ Association and Urban Development Institute/Ontario (GTHBA-UDI).

The new-home sales data, compiled for GTHBA-UDI by RealNet Canada Inc., reveals that there were 17,617 new high-rise condos sold in 2006, a mere 23 units fewer than in 2005, when the previous record was established. However, with 4.4 out of every 10 new-home sales in 2006 being high-rise condos, the proportion of the total new-home market made up of this built-form reached new heights, up from 42% in 2005 and 33% in 2004.

In total, there were 39,790 new-home sales in 2006, down 2,202 units or 5% from 2005, but still a very good year relative to the forecasts and historical standards. While high-rise condo sales held their own, low-rise (single- and semi-detached units and townhomes) unit sales declined by 9% year over year, resulting in the overall 5% decrease. “The new-home market remains strong and vibrant, based first and foremost on the aspirations of GTA homebuyers to buy their first home or move up to their dream home, combined with low mortgage rates and tremendous choice and value in the new-home market,” says Finnigan.

Finnigan noted that the increasing high-rise condo market share is a reflection of the $82,097 price differential between low- and high-rise units. The RealNet new-home price index for low-rise homes currently sits at $403,450 while the high-rise condo index is $321,353.

The index is essentially the average asking price of all the remaining new homes and condos currently available for sale, as calculated by RealNet Canada Inc., the GTHBA-UDI’s independent source of new-home market information.

The new-home price index is based on currently available new home offerings, weighted by remaining inventory, for projects of 15 or more units, excluding luxury real estate across the GTA.

Finnigan added that the price differential shrunk from over $95,000 a year ago, as high-rise condo prices increased much more (9.1%) than low-rise prices (3.4%) over the last year. On that basis, he foresees a rebalancing of the market in 2007 with a very healthy forecast of 37,500 new-home sales split 60/40 low/high rise.

With more than 1,500 members, GTHBA-UDI, formed through the merger of the Greater Toronto Home Builders’ Association and Urban Development Institute/Ontario, is the voice of the residential land development, home building and professional renovation industry in the Greater Toronto Area. The GTHBA-UDI is proudly affiliated with the Ontario and Canadian Home Builders’ Associations.

The Condo Guide Magazine is an excellent source of housing information for those looking for information on new condos in Ontario, Canada. We offer the most up-to-date information on new condominiums across the greater Toronto area.

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Contact Laurin Jeffrey for more information