{"id":3680061,"date":"2016-11-04T10:24:34","date_gmt":"2016-11-04T14:24:34","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=3680061"},"modified":"2016-11-03T10:25:03","modified_gmt":"2016-11-03T14:25:03","slug":"record-toronto-condo-sales-expected-for-2016","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/record-toronto-condo-sales-expected-for-2016\/","title":{"rendered":"Record Toronto Condo Sales Expected for 2016"},"content":{"rendered":"

\"shutterstock_371799565\"<\/a><\/p>\n

It appears Toronto\u2019s condominium market is still on its way up, and not just in tower height.<\/p>\n

With 20,596 shiny new condos sold in 2016 at September\u2019s end, the high-rise corner of the market is on pace for a record year. In September alone, 2,468 of these units changed hands.<\/p>\n

That\u2019s according to the latest data from Altus Group, a real estate analyst that has partnered with the Building Industry and Land Development Association (BILD) to release monthly GTA housing market numbers.<\/p>\n

The whirlwind of activity has resulted in an average high-rise home price of $486,605 for new units in September.<\/p>\n

\"Screen<\/a><\/p>\n

While that is, unsurprisingly, shy of the new low-rise average of $992,231\u2013\u2013which includes detached and semi-detached homes, as well as townhouses\u2014it is still a record for the segment and represents a 10 percent increase over a year ago.<\/p>\n

Bryan Tuckey, CEO of BILD, explains that a number of factors are behind the climbing condo prices.\u00a0\u201cThe recent increase in high-rise prices can be attributed to the rise in average suite size, combined with a growing price per square foot,\u201d says Tuckey.<\/p>\n

\u201cThis year we have seen the introduction of larger suites aimed at purchasers who have been priced out of the low-rise market,\u201d he adds.<\/p>\n

As GTA resale home prices climb, more and more would-be buyers start shopping for new high-rise units.\u00a0The average price of a resale detached home in GTA soared to $1,013,788 last month, up 23.6 percent from the same time last year.<\/p>\n

And in September, condo units averaged 809 square feet, which is an increase from the 767-square-foot average recorded at the same time in 2015. Per square foot, that works out to $601, or $26 more than last year.<\/p>\n

Last month, there were 13,817 new high-rise dwellings on the market, a 35 percent dip from a year ago and a slight decline from the previous month.<\/p>\n

Elise Kalles is the exclusive agent representing the Toronto\/Ontario real estate markets as a member of the Haute Residence Real Estate Network. View all of her listings here.<\/a><\/em><\/p>\n

Images courtesy of Elise Kalles \/ Shutterstock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

It appears Toronto\u2019s condominium market is still on its way up, and not just in tower height.<\/p>\n","protected":false},"author":67,"featured_media":3680063,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1749,750],"tags":[],"class_list":["post-3680061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hlrn","category-real-estate-talk"],"acf":[],"yoast_head":"\nRecord Toronto Condo Sales Expected for 2016<\/title>\n<meta name=\"description\" content=\"It appears Toronto\u2019s condominium market is still on its way up, and not just in tower height.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/record-toronto-condo-sales-expected-for-2016\/\" \/>\n<meta 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