For the first time ever, fewer people are buying houses and more people are moving into high-rises.
The Building Industry and Land Development Association said more than 37,000 condominiums were sold last year in the Greater Toronto Area – that’s a 30 per cent leap over 2009.
President Stephen Dupuis said it’s because big city living is pushing its way into the suburbs.
2010 is the first year condo’s dominated new sales, taking up 55 per cent of the market.
The report is pinning this on affordability and convenience. But unlike many large cities, the downtown core is one of the safest areas in the whole city of Toronto, which is making the downtown Toronto condo a popular choice for families as well.
More than half of new homes sold in Toronto last year were high-rise condominiums, according to real estate information service RealNet Canada. In 2009, 42% of new homes sold in Toronto were high-rise condominiums, while in 2010 52% of new homes sold in Toronto were high-rise condominiums.
A total of 16,000 new condominium units set to become available in the Greater Toronto Area in 2011 and 5,500 of these condominiums will be in Central Toronto.
“Toronto’s Condo Authority”