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Condo Sales in Toronto Outselling Houses!

New condominium sales in the Toronto area officially passed the 50 per cent mark for the first time, outselling new low-rise homes, according to November figures to be released December 21st by the Building Industry and Land Development Association.

"This is really unheard of. Low-rise homes were always the preferred choice, but it shows you how much the market has changed," Stephen Dupuis, chief executive of the association, said in an interview.

The average new condo price is now $347,207, up 8.6 per cent from last November. Low-rise homes saw a price increase of 6.8 per cent to $429,673, according to a copy of the report obtained by the Toronto Star.

Historically, from one-quarter to one-third of all new homes sold were condos, Dupuis said. But over the years, that ratio has risen sharply, with condos taking the lead in November, making up 52 per cent of all new homes sold in the 11 months.

Looking for a condo visit our site www.SuttonRealty.com

Toronto Condo Link 

 

 

 

Posted: Friday, January 04, 2008 3:22 AM by Sutton Realty

Comments

Alexander said:

Thanks for the informative post.

# January 16, 2008 11:48 AM
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