Sunday, November 7, 2010

Price cuts spark a flare-up in the Toronto condo market

In an astonishing turnaround, the Greater Toronto Area's new condo market shot from moribund to near record-breaking in September. In August only 861 suites changed hands, while in September that number rocketed to 1,658.

Indeed the number is probably about 400 units higher, says George Carras, president of RealNet Canada Inc., which tracks the new condo homes market. Those suites, however, were sold toward the end of the month and RealNet has to wait until the 10-day rescission period is over to count them as sales.

Even the flagging detached new homes market enjoyed a small up-tick, rising to 1,064 sales from August's 936. So what happened? Experts like Mr. Carras suggests two things: A near record level of new project launches (14 and the second highest in a month on record) and the CIA.

Source: Terrence Belford | Columnist profile | E-mail
Toronto — From Friday's Globe and Mail
Published Thursday, Nov. 04, 2010 11:02AM EDT
Last updated Thursday, Nov. 04, 2010 12:48PM EDT

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