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Condos outselling houses
High prices propel sale of condos above 50% of total
A single-family detached house has long been the ideal dream for Canadian homebuyers. But, in case you couldn't already tell by all the construction cranes dotting Toronto's ever more crowded skyline, 2007 has become the year of the condo.
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 today 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% to $429,673, according to a copy of the report obtained by the Toronto Star ยป
December 21, 2007 in Toronto Real Estate Update | Permalink
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i am contacting through comments because i can't find any contact info on this site. i am working on a new monthly publication to be distributed around the GTA and we like to feature your articles in our magazine. please contact me at john.dong !at! utoronto.ca as soon as you can to discuss possible ways to cooperate.
Posted by: John | Dec 21, 2007 6:58:06 PM
Though the prices of your condos are higher than what we have in Reno. We are experiencing something very similar to our condo market i was just checking the state a while back: http://renomarketblog.typepad.com//reno/2007/11/reno-condo-sale.html
Good post!
-Ian
Posted by: Ian Mariano | Dec 21, 2007 3:30:21 PM
