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High-rise market soars to new heights

Greater Toronto, December 20, 2011 - The new homes market in the GTA broke two records in November, raising the bar for both high-rise sales and total new home sales, the Building Industry and Land Development Association (BILD) revealed today.

According to RealNet Canada Inc., BILD's official source of new home market intelligence, there were 4,640 new homes and condominium units sold in the GTA in November, slightly edging its 2010 predecessor by six per cent and outweighing the 2001 record for total new home sales that month. Things were particularly hot in the high-rise sector, with 3,137 sales smashing 2010's record for most units sold in November by 21 per cent.

On a year-to-date basis, 2011 is the best year ever for high-rise sales, surpassing the 2007 record of 23,234 back in October. While the City of Toronto still played an integral part in this accomplishment, high-rise sales in York Region more than doubled in November, which follows the trend of the last several months.

"The fact that we've sold more condos at the end of October than we have in all of 2007 tells us that the GTA is growing up," said BILD Acting President Joe Vaccaro. "A lot of this success is a result of some considerable activity in the 905 regions, with more buyers taking advantage of transit-supported communities."

Prices for low-rise homes increased by seven per cent to $536,537 over October 2011, while high-rise pricing remained relatively unchanged - down one per cent to $428,800.

November '11

Low Rise

 

High Rise

 

Total

 

Region

2010

2011

% Change

2010

2011

% Change

2010

2011

%Change

Durham

182

201

10.4%

8

13

62.5%

190

214

12.6%

Halton

687

261

-62.0%

67

39

-41.8%

754

300

-60.2%

Peel

370

431

16.5%

221

207

-6.3%

591

638

8.0%

Toronto

110

109

-0.9%

2,159

2,456

13.8%

2,269

2,565

13.0%

York

456

501

9.9%

136

422

210.3%

592

923

55.9%

GTA

1,805

1,503

-16.7%

2,591

3,137

21.1%

4,396

4,640

5.6%

Jan-Nov

15,395

16,648

8.1%

20,445

27,224

33.2%

35,840

43,872

22.4%

RealNet Canada Inc.

With more than 1,350 members, BILD, formed through the merger of the Greater Toronto Home Builders' Association and Urban Development Institute/Ontario, is the voice of the land development, home building and professional renovation industry in the Greater Toronto Area.  BILD is proudly affiliated with the Ontario and Canadian Home Builders' Associations.
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For media inquiries, please contact Andrei Zaretski at azaretski@bildgta.ca or 416-391-3450; or Amy Lazar at alazar@bildgta.ca or 416-391-3452.