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New high-rise condo sales rise 66%

Sales of newly constructed homes in the Greater Toronto Area shot up 30 per cent in September, driven by a whopping 66-per-cent increase in high-rise condominium sales, a new study shows.

Nearly 4,000 new homes and condos were sold in the GTA in September, with six in 10 of those being high-rise condos, according to a survey by market data researcher RealNet Canada Inc.

"It's getting to sound like a bit of a broken record, but the condo market is the market story of 2007," said Bob Finnigan, president of the Building Industry and Land Development Association.

Sales of newly built condos are up 31 per cent through the first nine months of the year, he says.

"We're well on track to smash all condo sales records in 2007," he said. "Sales are up substantially, but price increases have remained very moderate."

Some buyers are "backing into the condo market" because of rising prices for single-detached, semi-detached and townhomes in the GTA.

Posted on Tuesday, November 6, 2007 at 02:05PM by Registered CommenterElaine in | CommentsPost a Comment

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