Toronto Condominium sales make up more than half of new home sales
More than half of new homes sold in Toronto last year were high-rise condominiums, according to real estate information service RealNet Canada. In 2009, 42% of new homes sold in Toronto were high-rise condominiums, while in 2010 52% of new homes sold in Toronto were high-rise condominiums.
2010 also marks the first year on record that more than half of new home sales in Toronto were condominiums.
According to the Building Industry and Land Development Association, Toronto condominium sales increased 30% over 2009 to a total of 37,000 units.
Toronto condo sales increase due to affordability
Most are suggesting that convenience and affordability are the main reasons that Greater Toronto Area condominium sales are thriving, and condominium sales just outside of the city are also on the increase – areas like Vaughan, Oakville, Richmond Hill, Mississauga and Markham. But unlike many large cities, the downtown core is one of the safest areas in the whole city of Toronto, which is making the downtown Toronto condo a popular choice for families as well.
A total of 16,000 new condominium units set to become available in the Greater Toronto Area in 2011 and 5,500 of these condominiums will be in Central Toronto.