downtown toronto condos

Toronto Condo Sales Reach a Record High

It appears that new condominium developments are springing up faster than the flowers these days, and those living in the GTA are snapping them up just as fast.

Sales of new condo units set a record in April after rising by 89% compared to the same time last year, making it the best April on record.

Condos make up six out of every 10 new homes sold in the GTA so far this year.

There were 37,041 new and resale units sold in 2010, enough to make it the second best year on record, and just 3% shy of the all-time record of 38,306 units sold in 2007, according to figures from Toronto-based Urbanation Inc.

Last years total condo sales represent a 20% gain over 2009 figures.

A Toronto record of 18,221 high-rise were started last year, more than twice as many as in 2009.

Resale condominium pricing was much more affordable, with existing units selling for $374 per square foot on average in the GTA. In the city of Toronto it was $487, and in the downtown core it hit $518.

Highrises accounted for more than half the new home sales in the GTA for the first time, according to a separate report by RealNet Canada Inc. Ten years ago, they made up about a quarter of all new home sales. But that has changed as single-detached homes become out of reach for many buyers.

The simple fact is that the condo has replaced the low-rise home as the starter home of choice. It is also anticipated that over the next 15 years, the population of Toronto will increase by approximately one million people, and this will ensure the demand for starter homes in the core, which today, increasingly means condo.

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Physio Plus Would like to Welcome Tridel to the Neighborhood

Many of the local businesses are very excited about Tridel coming to the neighborhood. Physio Plus wanted to welcome Tridel.

Old Mill is one of Toronto's last real villages, a quiet and refined neighbourhood steeped in old-world charm with its quaint Tudor homes, centuries-old trees and picturesque proximity to the lush Humber Valley.

Yet Tridel's One Old Mill is set within many of Toronto's new world luxuries, just steps from the subway and conveniently connected with the fashionable boutique shops, cafs and open markets of the Kingsway and Bloor West Village. Discover this intimate and elegant hideaway, right here, in the heart of Old Mill.

Ocular Canada Would like to Welcome Tridel to the Neighborhood

Many of the local businesses are very excited about Tridel coming to the neighborhood. Ocular Canada wanted to welcome Tridel.

Old Mill is one of Toronto's last real villages, a quiet and refined neighbourhood steeped in old-world charm with its quaint Tudor homes, centuries-old trees and picturesque proximity to the lush Humber Valley.

Yet Tridel's One Old Mill is set within many of Toronto's new world luxuries, just steps from the subway and conveniently connected with the fashionable boutique shops, cafs and open markets of the Kingsway and Bloor West Village. Discover this intimate and elegant hideaway, right here, in the heart of Old Mill.

The Coffee Tree Would like to Welcome Tridel to the Neighborhood

Many of the local businesses are very excited about Tridel coming to the neighborhood. The Coffee Tree wanted to welcome Tridel.

Old Mill is one of Toronto's last real villages, a quiet and refined neighbourhood steeped in old-world charm with its quaint Tudor homes, centuries-old trees and picturesque proximity to the lush Humber Valley.

Yet Tridel's One Old Mill is set within many of Toronto's new world luxuries, just steps from the subway and conveniently connected with the fashionable boutique shops, cafs and open markets of the Kingsway and Bloor West Village. Discover this intimate and elegant hideaway, right here, in the heart of Old Mill.

Enricos Place Welcomes Tridel to the Neighborhood

Many of the local businesses are very excited about Tridel coming to the neighborhood. Enricos Place wanted to welcome Tridel.

Old Mill is one of Toronto's last real villages, a quiet and refined neighbourhood steeped in old-world charm with its quaint Tudor homes, centuries-old trees and picturesque proximity to the lush Humber Valley.

Yet Tridel's One Old Mill is set within many of Toronto's new world luxuries, just steps from the subway and conveniently connected with the fashionable boutique shops, cafs and open markets of the Kingsway and Bloor West Village. Discover this intimate and elegant hideaway, right here, in the heart of Old Mill.

Ariston Realty Welcomes Tridel's One Old Mill to the Neighborhood

Many of the local businesses are very excited about Tridel coming to the neighborhood. Ariston Realty wanted to welcome Tridel.

Old Mill is one of Toronto's last real villages, a quiet and refined neighbourhood steeped in old-world charm with its quaint Tudor homes, centuries-old trees and picturesque proximity to the lush Humber Valley.

Yet Tridel's One Old Mill is set within many of Toronto's new world luxuries, just steps from the subway and conveniently connected with the fashionable boutique shops, cafs and open markets of the Kingsway and Bloor West Village. Discover this intimate and elegant hideaway, right here, in the heart of Old Mill.

If you think Toronto's Condos are expensive, consider:

The Most Expensive Condos in the World

The Hotel-Condo Four Seasons Penthouse at Bay and Bloor in Toronto, with a 2,500 square foot master bedroom and an additional 6,500 sf living space, including an 800 sf wine cellar, just sold for $30 million to make it Canadas most expensive Condo. Co-designer, Brian Glukstein, says: Before, Torontonians with money did not value communal living. Now people with alluence want this type of lifestyle."

The story is similar worldwide where Canada's most expensive condos pale when compared to prices in many international markets.

New York:

Sun Microsystem founder Bill Joy put his luxury Manhattan condo on the market, without ever having moved in. Should his $40 million asking price be achieved, it will mean a profit of $20 million. Although it is unlikley to sell at that price.

The top-priced apartment in New York isn't a condo but a co-op, the historic $70 million triplex penthouse owned by financier Martin Zweig. Then again, co-ops can be more expensive because they are exclusive.

New York has seen several new, uber-luxury buildings rise in recent years. That includes the new Time Warner Center, where in 2003 financier David Martinez paid a record-setting $42.25 million for a full-floor condo.

Hong Kong:

A new 3,205 sf Hong Kong apartment sold for a record US$14.1 million recently as the citys booming market for luxury homes continues to strengthen. Thats about HK$34,000 psf or C$4,480 psf.

Singapore:

A 30-YEAR-OLD condominium at Orchard Boulevard has smashed the record for Singapores most expensive collective sale. Westwood Apartments was sold recently for $435 million to Malaysian conglomerate YTL Corp. That is an eye-popping $2,525 per sq ft per plot ratio (psf ppr), including a $4.6 million development charge.

London, England:

Four flats overlooking Hyde Park are on sale for a rumored 84 million each (C$136,000,000) the highest price ever asked for a British flat. The flats are part of a development at One Hyde Park.

Sources said today that the four penthouse flats could feature bullet proof windows, specially purified air and even "panic rooms". The security system is believed to have been developed after consultation with the SAS. A tunnel will link the flats to the Mandarin Oriental hotel, which will provide a concierge service for the development, which contains 86 flats with prices starting at 4 million.

The complex will also have a spa, squash court and private wine-tasting facility. According to the One Hyde Park website, the scheme is "a new residential scheme whose beauty, luxury and prestige will place it in a class of its own".

Monaco:

Barely a month after reporting that a London penthouse had sold for $220 million, making it the world's most expensive private residence, the record has been shattered with the $308 million sale of a palatial penthouse in Monaco.

The Monaco property, called La Belle Epoque, has quite a history; formerly the home of billionaire banker Edmund Safra, it's where he was found dead following a mysterious fire that gutted the apartment in 1999. The three-bedroom, 17,500-sq-.ft. duplex penthouse, which includes a double-height library and vast roof terraces complete with mature 15-foot trees and an infinity pool, is thought to have been purchased by an Arab sheikh, the Economic Times.


Hong Kong & Singapore photos courtesy of Getty Images

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