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http://www.thestar.com/NASApp/cs/Co...l=1010666657183
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September condo sales increase
Oct. 21, 2006. 01:00 AM
THERESA BOYLE
REAL ESTATE REPORTER
Last month was the strongest September in the last five years for condo sales in the Greater Toronto Area, according to the association representing GTA builders.
There were 1,419 new condos sold last month, up 13 per cent from last year.
But low-rise sales are going in the opposite direction, with 1,623 homes sold last month, down 14 per cent from September last year.
"The low-rise home and highrise condo markets continue to trend quite differently," said Desi Auciello, president of the Greater Toronto Home Builders' Association — Urban Development Institute.
"As we've seen in previous months, people are choosing condominium apartment living outside the city of Toronto, particularly in Peel and York regions," Auciello added, noting the highrise sales spiked an astronomical 300 per cent in York Region.
Through the first nine months of the year, there have been more than 30,000 new homes and condos sold in the GTA, putting the industry on track for the seventh consecutive year of 40,000 or more new home sales.
For September, low-rise homes took 53 per cent of the market while highrise apartments accounted for a 47 per cent market share. So far this year, low-rise homes have accounted for 55 per cent of all new home sales, with highrise making up for the rest.
The low-rise new home price index sits at $392,893 while the highrise price index is at $317,896.
The index is essentially the average asking price of all the remaining new homes and condos available for sale. The new home price index is based on available new homes, weighted by remaining inventory, for projects of 15 or more units, excluding ultra-luxury homes, in the GTA. |
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