New Condo High Rise Sales Down -67%?


According to Real Net, an official source of new homes information for Toronto Real Estate Board, condo new high rise sales in August 2012 down -67% comparing with the sales number in August 2011. Year to date high rise sales, however, is still the 3rd best January to August period on record. The average price for new condo apartment remains stable and is recorded a 0.5% increase compared with last August. Although market data from different sources support a slowing real estate market, there are 184 high-rise projects currently under construction (according to Emporis, a provider of building and construction data) and many more buildings are planned to come.  Those developers who are proceeding with their projects may have good reasons to be confident. It is, however, difficult to see the sales will gain momentum this quarter when it approaches the year end. As your real estate professional, we will continue to keep you posted of how the real estate market is performing.

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Antony Chan

Antony Chan

CENTURY 21 King's Quay Real Estate Inc., Brokerage*
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