After several months where sales numbers fared badly in comparison to 2011's record numbers, the ever-contentious Toronto High-Rise Condo Market numbers for new home sales have turned for the better again. The month of November saw 1,556 new High-Rise units sold, making the month for the fifth highest for sales in the 13 years the data has been collected. The overall numbers owe a lot to brisk sales in projects like Ten York and Haven on the Bluffs.
Otherwise, November was the second-lowest sales month on record in the Low-Rise market, where new sales numbers settled at 920 units sold. Although the number of remaining unsold inventory for Low-Rise did increase slightly in November to its highest level since December 2010, it's a fairly low number at 7,528 units. Meanwhile, unsold High-Rise inventory dropped for the first time in four months, reaching 21,398 units. Despite these numbers the total remaining New Home Inventory is still sitting in the long term normal range. High and Low-Rise really took two different directions perhaps given that High-Rise prices rose only 2.0% from a year ago while Low-Rise prices rose 16.6% in the same period.
Although the year-to-date sales numbers have us at the fourth-highest High-Rise sales on record, the less impressive Low-Rise sales coming in at the second lowest YTD certainly indicates a growing trend in where people are choosing to invest and live. The almost $200,000 difference in price between the two sectors surely has a lot to do with the discrepancy as well. The average High-Rise unit now costs $437,264 while an average Low-Rise unit sits at $625,473. For perspective on the combined sectors sales trend, the chart below is provided.
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