May 26, 2005
Condos continue to drive new home sales
Sales of high-rise condominium suites continues to drive the new home market in the Greater Toronto Area showing a remarkable 38 per cent increase in April compared with the same month last year said Julie Di Lorenzo, president of the Greater Toronto Home Builders’ Association.
Through the first four months of 2005, high-rise condominium suite sales are up 28 per cent. Four in ten new homes sold in April were high-rise apartments, compared with an average of one in three last year.
“The robust demand for condominium apartments is not showing signs of slowing down in the near future. Overall, this was the second strongest April on record with a total of 4,551 new homes and condominiums sold, up 3 per cent over last April” said Di Lorenzo. The GTA new home price index remained stable at $378,281 for low-rise homes and $276,345 for high-rise apartments.
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