Toronto high-rise condo sales slide 59% from last year

Builders call it “stability” in the housing market but sales in Toronto’s high-rise market, which includes the volatile condominium sector, saw a 59% decline in sales from a year ago.

“After a record-breaking sales year in 2011, it would appear that the [greater Toronto area] new housing market is easing back into stability in early 2012,” says the Building Industry and Land Development Association in a release.

How much is it easing? For the first two months of the year RealNet Canada Inc. there were 1,633 high-rise sales compared to 3,348 a year earlier. On the flip side low-rise sales are making a slight comeback. There were 2,818 low-rise sales over the first two months of the year compared to 2,571 a year earlier.

Source: financialpost.com