Stephen Dupuis – METRO TORONTO

RealNet Canada Inc. released the December results and year-end totals for the Greater Toronto Area new homes market late last week, and when all was said and done, there were 36,803 new homes and condos sold in the GTA last year.

To put that sales total in perspective, it was better than 2009 (by 8%), it was better than 2008, and it was better than all the expert forecasts for the year. And while it was only the third best year since 2000, 36,803 units is still a healthy number from the standpoint of jobs, investment and tax revenues for all levels of government.

It really was a tale of two markets though, as sales of low-rise homes, primarily in the suburbs, were off by 10%, while sales of high rise condo suites were up 30%, resulting in the overall gain of 8%. The 20,349 new condos sold in 2010 amounts to the second best year ever for high-rise condo sales (2007 was tops).

High-rise sales did break a record last year though, taking an all-time high 55% share of total new home sales. 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 of all new home sales annually are high-rise condos.

I never thought I would see the day when high-rise sales would outstrip low-rise, but now that it has, I believe the trend is here to stay.

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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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