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GTA Condo Sales Reach All-Time High - Shattering Previous Record by 26%


February condo sales reach all-time high

TORONTO, Ont. - Condo sales in Toronto reached an all-time high for the month of February this year, shattering the previous record by a margin of 26 per cent.

Typically known for being a slow month for real estate, an impressive 2,202 new condos were sold around the GTA. This is the first time sales in February have exceeded the 2,000 mark.

The Building Industry and Land Development Association said the number of condos sold, marked a 36 per cent, increase from last year.

The previous record was set back in 2002, long before the infamous housing bust of 2008.

Stephen Dupuis, CEO of BILDA, attributed the high number of sales to favourable economic times and a general feeling of optimism.

He told 680News a number of new condo developments have been good for the market, paired with an increase in prices for low-rise homes.

February numbers showed the second lowest number of low-rise homes sold in history, partly due to a price increase thanks to a shortage of available housing.
With limited number of brand new home available, the condo market is picking up speed.    Is it time to get into the condo market?
Call for a free over-the-phone consultation if the timing is right for you.
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Posted: Wednesday, March 23, 2011 11:25 AM by Sutton Realty


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