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Residential high-rise sales up 23% over 2010

It looks like the city really is growing up.

According to a report from RealNet and BILD, condo sales now so far outstrip single-family homes in the GTA that there really isn't any competition.

The year was good as a whole—the second best year ever for residential sales, with 45,926 units of one sort or another sold—but the real news is the proportions. High-rise condos accounted for 28,466 of those, compared with 17,460 houses and other low-rise units. In other words, high-rise condos accounted for 62 per cent of the sales.

That condo number was 35 per cent higher than it was in 2010, and 28 per cent higher than the previous record year of 2007. Low-rise sales were up seven per cent from last year, but down a whopping 73 per cent from a decade ago.

According to RealNet president George Carras, it's all about supply policy.

"You can't sell what you can't build or deliver," Carras says. "The general strategy for growth, which was really conceived back in '03 to '05, which was to grow up not out."

He points out that this is no longer just a 416 thing, either, with Markham, Vaughan and even Mississauga all getting into the vertical act.

Writer: Bert Archer
Source: George Carras

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