The high-rise condo market in the GTA Area continues to rise high with another 1,222 units sold in July, bringing January-July sales up to 11,327 units, an 104 per cent increase over January-July, 2009.
What’s particularly interesting about the July numbers is the fact that 46 per cent of high-rise sales were recorded in the 905 Regions. Up to this point, the 80/20 rule was in effect, meaning that 80 per cent of the high-rise condo sales in a given month were concentrated in the City of Toronto and 20 per cent in the 905 Regions, primarily Peel (Mississauga) and York (Markham).
I’ve been saying for quite some time now that this traditional 80/20 split would start to re-balance towards 60/40 as the condo market matures and the Greater Golden Horseshoe Growth Plan, which calls for 40 per cent intensification, kicks-in, so this may be the “TSN turning point.”
Toronto still leads the way with 658 high-rise condo suites sold in July, the other half split between Etobicoke, North York and Scarborough. As for the 905 municipalities, Mississauga was tops with 171 units sold, followed by Brampton (157), Markham (90) and Richmond Hill (72).
With continued strong sales, the high-rise price index rose exactly 10 per cent year over year, and currently sits at $430,782 compared with $391,673 last July.