The April 2011 RealNet figures are in for the Greater Toronto Area, and BILD reports that buyers purchased 3,249 high-rise suites – the BEST April EVER for new condo sales! In fact, condo sales were up 89% over April 2010, and 23% year-to-date.
Let’s look at this astounding figure in several ways:
- The 3,249 suites sold also represent the third-best monthly condominium sales number on record.
- 64% (nearly two-thirds) of all new home sales in April were high-rise condo suites – a record-high monthly market share.
- So far this year, six of every 10 new homes sold was a condominium suite.
- According to BILD President and CEO Stephen Dupuis, a new condo was purchased every 13 minutes during April!
And this comes after a dynamic first quarter, during which high-rise sales held pace with Q1/2010. Between January 1 and March 31 this year, 5,356 suites were sold, which is 57% of the total new home sales during that period.
If these numbers make your head swim, they should. This is phenomenal news – especially for anyone thinking of purchasing a new condominium. Now is a fabulous time, whether you want to live in a condo or you are an investor. Keep in mind that the vacancy rate in Toronto is unbelievably low. Even if the rate increases over time, rents will rise. If you purchase a condo suite today with a closing date a couple of years from now, the potential is amazing.
In addition to all of this, immigration set a new record in 2010, so with the number of newcomers arriving in the GTA, the demand for condos will only increase. So, what are you waiting for? It’s time to GO CONDO!