Condo sales reach new heights in July
TORONTO, Aug. 22 /CNW/ – There were more new condos sold in the Greater Toronto Area in July than in any month so far this year and condos climbed to the highest monthly market share ever witnessed in the GTA market, Michael Moldenhauer, president of the Building Industry & Land Development Association (BILD), revealed today.
There were 3,135 new homes and condos sold in the Greater GTA in July, bringing total new home sales (January-July) to over 20,000 units of future construction.
Nearly three out of every four (73 per cent) units sold in July were high-rise condo suites, which is a truly astounding number. “We thought it was remarkable when monthly condo market share reached into the high 50 per cent range last year so this new high is particularly noteworthy,” said Moldenhauer.
Moldenhauer acknowledged that the above-average high-rise market share was in part a reflection of much lower than average low-rise new home sales, which he attributed to a general lack of new low-rise housing supply in the market. “The low-rise land supply in the Greater GTA is very tight and developers are finding the approvals process for bringing new low-rise land on stream to be exceedingly slow,” Moldenhauer added.
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