BILD announces new home sales statistics for 2010

New Condominium sales where up in 2010. According to a report by the Building Industry and Land Development Association (BILD) sales were up 20,000 units sold.  

RealNet - BILD's official source of statistical information - is reporting that the Greater Toronto area saw 20,349 new condominiums sold, which was a 30% increase over 2009.

The 2010 numbers represent the second best year ever for new condominium sales and were up 30% over 2009. Also of note is that new condominium sales rose to a record market share of 55%.

Low Rise sales did not keep pace with the success of its high rise counterpart, slipping by 10 percent. Combining low rise and high rise sales, 2010 witnessed 36,803 total sales, up 8% over 2009.

"Within the last decade, the share of the GTA housing market captured by high-rise condo developers has steadily risen from one quarter, which was considered normal, to a third, which was called the new normal, to more than 40% (we called that The Year of the Condo), to the point today where more than half (55% in 2010) of all new home sales annually are high-rise condos," said Stephen  Dupuis, President and CEO of BILD.

"By historical standards, 2010 was a good, not great year, however the fact that  the market exceeded all forecasts means that the industry was able to contribute  its fair share, if not more, to economic growth, job creation and the tax coffers at all levels of government."

Some high rise highlight areas include Peel Region with a 86% increase in units sold, and Halton Region, with a 33.3% increase in units sold.