2011 was the Year of the Condo
January, 2012
According to the Building Industry and Land Development Association (BILD), 2011 saw more than 28,000 new condominiums sold in the Greater Toronto Area. The abundance of units sold set a new record for the market high-rise sector.
RealNet Canada Inc., recorded 45,926 sales of new homes in the GTA in 2011, which puts last year as the second-best year on record for total sales. The high-rise sector played a considerable role in that success, ending the year with a 62 per cent market share. Condo sales in 2011 were up considerably in comparison with numbers from 2000, which saw high-rise sales making up only 25 per cent of the market share.
BILD Chair Paul Golini Jr. says, “What we are seeing today is a shift towards higher-density housing as more new home purchasers seek the most affordable homes to match their lifestyle. They are attracted by the premium location, design quality and amenities that are associated with condo living, along with the affordability they find in the high-rise market.”
The GTA was home to over 130 new condo openings in 2011, backed by a strong performance in the 905 markets, especially in York Region which had high-rise sales double from last year.
“The record low supply numbers demonstrate the need for government partners to participate in providing a full range of affordable housing options for new home buyers,” notes BILD’s Acting President Joe Vaccaro. “All governments should focus on streamlining and expediting the approvals process and reviewing the fees and charges faced by the GTA’s new home sector to support complete communities and intensification. Unnecessary process delays and government-imposed costs are barriers to providing future homeowners with a full range of affordable housing options.”
| December 2011 |
Low Rise |
|
|
High Rise |
|
|
Total |
|
|
| Region |
2010 |
2011 |
% Change |
2010 |
2011 |
% Change |
2010 |
2011 |
% Change |
| Durham |
124 |
109 |
-12.1% |
6 |
5 |
-16.7% |
130 |
114 |
-12.3% |
| Halton |
223 |
121 |
-45.7% |
24 |
27 |
12.5% |
247 |
148 |
-40.1% |
| Peel |
281 |
182 |
-35.2% |
148 |
37 |
-75.0% |
429 |
219 |
-49.0% |
| Toronto |
37 |
38 |
2.7% |
659 |
547 |
-17.0% |
696 |
585 |
-15.9% |
| York |
283 |
324 |
14.5% |
81 |
233 |
187.7% |
364 |
557 |
53.0% |
| GTA |
948 |
774 |
-18.4% |
918 |
849 |
-7.5% |
1,866 |
1,623 |
-13.0% |
| Jan-Dec |
16,359 |
17,460 |
6.7% |
21,019 |
28,466 |
35.4% |
37,378 |
45,926 |
22.9% |
Source: RealNet Canada Inc.
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