Over half of 2011 is behind us, and the market for new condominiums is as sizzling hot as our summer temperatures!
The heat has been building since last year. According to RealNet statistics from BILD, new condominium suite sales in 2010 were up 30 per cent over 2009 to achieve the second-best year ever for condos. High-rise sales also accounted for 55 per cent of all new home sales in 2010, which established a new record.
The year 2011 has been a whirlwind, with high-rise records being set at an astounding pace. In January, sales reached their second-highest level for that month since 2000 – a great start to the year.
February was record breaking again, as there were 2,202 new condominium suites sold – the first time ever that sales exceeded the 2,000 threshold in that month. This was 36 per cent better than February 2010, and in fact, condo sales accounted for more than six out of every ten new home sales in the GTA.
March sales brought the first quarter of 2011 in line with that period from 2010. This led to the best April ever for new condo sales, which were up 89 per cent over 2010. Topping off this achievement, the 3,249 condominium suites sold in April amounted to the third-best monthly condo sales tally on record! And 64 per cent of all new home sales in April were high-rise condo suites, which is in itself a record-high monthly market share.
Then May came along, with high-rise sales up 50 per cent over last year – the best May ever for new condominium sales! In June, sales of new-build condos rose 62 per cent over 2010. This brought the sales of high-rise condominium suites up 39 per cent over the first half of 2010.
Phew! And if our Baker Real Estate clients’ busy presentation centres are any indication, the rest of the year will keep the momentum going.
This phenomenal success makes sense, with condominiums offering affordability compared to low-rise homes, a carefree lifestyle that appeals to the spectrum of the market, spectacular locations that are both beautiful and convenient, fabulous building designs, and extremely high levels of features and finishes. In 2011, the trend is to GO CONDO!