The high-rise condominium market continued to reach new heights last month, rising 8.4 per cent over November 2009, with the 2,293 new condominium suites sold representing the best November performance ever, cracking the top 10 list as well, coming in as the sixth-best month ever.
With 11 months of data in the books, the GTA new housing market is running 14 per cent ahead of 2009, with an 11 per cent decrease in low-rise sales more than offset by a whopping 47 per cent increase in high-rise sales, year over year.
Even more noteworthy is the fact that the 19,710 high-rise sales account for an astonishing 56 per cent of the 35,190 total units sold so far this year.
Following several months of above-average sales of condominiums in the 905 municipalities, the 80/20 rule came back into effect in November, and then some, with 82 per cent of all high-rise condo sales being recorded in the 416 area code.
As for prices, the RealNet Canada Inc. new high-rise price index currently sits at $433,165, up 12.2 per cent over November 2009, when the index was $385,986. On a per square foot basis, the RealNet index sits at $500 compared with $430 a year ago.
The super-hot high-rise market reflects a number of factors including great building and suite designs, a very high level of standard finishes, superlative locations, affordable prices (relative to low-rise and especially by global standards), changing demographics, changing consumer preferences, and frankly, great marketing on the part of condo developers, all of which has contributed to making 2010 the "year of the condo.”