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Unique Toronto Homes

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Condos in Toronto

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Toronto Real Estate

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Tag Archives: relative affordability

People prefer ‘jewel boxes’

John Stewart – Mississauga.com

The popularity of living in high-rise condominiums is growing across the 905, but nowhere more than in Mississauga, according to a report.

More than 20,000 new condominiums were sold by Greater Toronto Area homebuilders in 2010 as high-rise new home sales jumped 30% over 2009, the Building Industry and Land Development Association (BILD) said in a press release.

It was the second best year ever for apartment condo sales.

BILD president Stephen Dupuis attributed the trend to “relative affordability (compared with low rise), changing demographics and, to some degree, consumer preference, superlative locations, great building designs and a very high level of standard finishes.”

Those luxury buildings, including many being built in the Mississauga City Centre, are referred to as “jewel boxes” within the industry.

While Toronto remains the biggest market for skyscraping condos, Mississauga and Markham are leading the charge in the 905.

Figures supplied by RealNet Canada Inc. show that 20,349 new high-rise condominium suites sold in 2010, second only to the year 2007.

Sales of high-rise condos accounted for 55% of the total market.

“Within the last decade, the share of the GTA housing market captured by high-rise condo developers has steadily risen from one quarter, which was considered normal, to a third, which was called the new normal, to more than 40% (we called that The Year of the Condo), to the point today where more than half (55% in 2010) of all new home sales annually are high-rise condos,” Dupuis said.

BILD is the voice of the land development, home building and professional renovation industry in the GTA.

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Contact the Jeffrey Team for more information – 416-388-1960

Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.

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