There’s a lot to be said about the highrise market here in the city of Toronto, and with the October numbers hitting my inbox last week, I am happy to report that the 2,928 new condominium suites sold in the GTA that month make it the second best October on record.
This year’s sales are second only to October 2010, which came at the heels of a remarkable surge in the highrise market, but the consistency that 2011 has provided when it comes to selling condos is worthwhile mentioning. Why? Because current year-to-date highrise sales of 23,747 set a new record for most highrise sales in one year – surpassing the 22,316 sales recorded in 2007.
This year saw the evolution of the market as highrise sales shifted more toward the 905 regions, particularly the last few months. Toronto used to dominate the GTA’s condo market, but York Region is emerging as a serious contender for the crown, bringing in 1,020 units sold in October (a 142 per cent increase over 2010) against Toronto’s 1,672 sales (down 37 per cent).
The boost in 905 sales has played a significant part in the highrise market’s success this year, providing a good balance of sales throughout the GTA.
This is a result of some exciting projects build around future transportation corridors in Vaughan and surrounding areas. With competitive pricing, combined with low interest rates and growth opportunity, it seems like the trend to own a condo in the 905 is going to be here for a while.
Don’t count the city of Toronto out just yet though.
With last week’s announcement of Build Toronto’s first partnership – with BILD member Tridel, resulting in the construction of a 75-storey tower by the waterfront – and with five more announcements to come before the end of the year, it’s going to be an exciting few weeks for condo buyers.
• Paul Golini Jr. is Chair of the Building Industry and Land Development Association (BILD) and can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/bildgta), Youtube (youtube.com/bildgta) and BILD’s online blog (bildblogs.ca).
