REALNET ANNOUNCES FIRST QUARTER STATISTICS

RealNet, Canada’s leading Real Estate Information Service, this week released its quarterly look at the Greater Toronto Area’s new home sales market, and presented some very interesting statistics.

Overall, it appears as though our hot market has yet to show any signs of lightening up. In the first quarter of 2012, new home sales totaled 8,194 across the GTA, which is an interesting number on its own. What makes it even more interesting is the trend that we are starting to see in the high-rise market. Toronto might be the condominium capital of the world, but RealNet stats suggest that some projects are now finding their way to the 905, with more than 46 per cent of high rise sales coming from the 905 area code, a pretty significant number. Launches of new projects in the 905 jumped to 44 per cent of total starts from 15 per cent in the first quarter last year.

“We are seeing more activity outside the City of Toronto, which in the case of High Rise sales is partly due to government policy encouraging intensification and development around planned transportation corridors,” said BILD Acting President Joe Vaccaro.

It also would make sense that given the shortage of land in the downtown core, builders would be looking to other areas of the GTA to help feed the thirst for condominium projects.

Another interesting trend is smaller unit sizes. Gone are the days where 700 square feet would get you a one-bedroom unit with a large den. Now, builders are maximizing space and putting a focus on creating livable, efficient condominium style homes. RealNet’s stats support this message.

“Through all of 2011, the index size of a new High Rise home was reduced by 52 square feet. During the first quarter of 2012, the index size was reduced by a further 30 square feet, bringing the index size of a new High Rise home in the GTA to 790 square feet,” said RealNet Canada’s president, George M. Carras.

So there we have it. RealNet has spoken, and the stats are encouraging for anyone involved with the new home industry. Thanks to our friends over at RealNet for providing us with these statistics. We look forward to their next release.

http://homesandcondosblog.com/home/realnet-announces-first-quarter-statistics-7040.html

Posted via email from Markham Real Estate Today with Asif Khan