The centre of the development universe is swinging back downtown.
According to numbers just released by
RealNet, 45% of all residential sales in the GTA 2010 took place in the 416 area code, almost double the 23 per cent it accounted for 10 years ago.
This is a result, according to RealNet president George Carras, of the city's almost decade-old plan to intensify. He pointed to King West, where 23 per cent of all sales occurred, as being a prime example of municipal-led development.
"The increases were uniform throughout [downtown]," Carras says, "but the market is still concentrated in various nodes." And these nodes, he says, often exist as the result of various city initiatives involving rezoning or other development go-aheads or incentives.
The total new home market in the GTA increased in 2010 by about 8 per cent over the previous, radically underperforming year, according to RealNet numbers.
Writer: Bert Archer
Source: George Carras
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