This past May, condo sales in Toronto set all time record in the high-rise market. With an almost 50% increase in sales from last year, 2,433 condo sales took place. The outstanding number of sales can be seen as a result of the record low sales of low-rise homes in the Greater Toronto Area.
The amount of condo sales in June 2011 was up 21 per cent compared to June of 2010. Toronto Real Estate Board President Richard Silver states The pace of sales was a bit sluggish at the beginning of the year but rebounded in May and June. Because of the positive affordability picture homebuyers remained confident in their ability to purchase and pay for a new home over the long term.
The provincial policy to increase intensification has led to the publics interest in high-rise condominium residences. The swift increase in the condo market has created a beneficial segment for investors to become immersed. Average vacancy rates continue to decline even though the number of residences available in Toronto rapidly accelerates. Toronto condominiums are now in more demand than ever as the market continues to prosper.
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