New home sales in the GTA remained relatively unchanged, although the high-rise market did have another strong month, according to the latest numbers from BILD.
The high-rise market in the GTA showed another strong month with 2,928 sales, making it the second-best October on record, the Building Industry and Land Development Association (BILD) revealed.
Current year-to-date high-rise sales of 23,747 also set a new record for most high rise sales in a year - surpassing the 22,316 high rise sales recorded in 2007, reported RealNetCanada Inc.
The big contributor to this strong performance comes not from the City of Toronto, but from York Region, which saw high-rise sales more than double over its October 2010 counterpart, resulting in a 33 per cent increase year-to-date.
“There seems to be a new trend setting in over the last couple of months, with the 905 areas outperforming the Toronto when it comes to condo sales,” said BILD Acting President Joe Vaccaro. “York Region has been particularly successful in this sector, likely as a result of some exciting new projects surrounding future transportation corridors.”
The low-rise market in the GTA improved by 17 per cent in October, leaving total new home sales relatively unchanged from last year.