Apr 18 - First quarter new homes sales on target (March sales news release)

May 8, 2006

First quarter new home sales on target

April 18, 2006

Toronto- With 3,475 new homes and condos sold in the GTA in March, new home sales through the first quarter of 2006 are running ahead of initial forecasts for the year, Desi Auciello, president of the Greater Toronto Home Builders' Association said today.

"The market has been a little unpredictable so far this year," noted Auciello. January and February sales were much stronger than expected while March was weaker than expected. Taken together, first quarter new home sales are down a modest 6 per cent versus Q1-05, right in line, if not better than analysts forecasts," Auciello stated.

"Condo sales remain very strong, accounting for 40 per cent of all new home sales in March and 35 per cent through the first quarter," Auciello added.

The sales figures report was prepared for the GTHBA by RealNet Canada Inc.
"The GTA new home price index climbed slightly to $395,038 for low-rise homes and $297,437 for high-rise apartments.

The index is essentially the average asking price of all the remaining new homes and condos currently available for sale, as calculated by RealNet Canada Inc., the GTHBA's independent source of new home market information.

The new home price index is based on currently available new home offerings, weighted by remaining inventory, for projects of 15 or more units, excluding ultra-luxury product across the GTA.
The top five municipalities in the GTA for March were Toronto, 1159; Brampton, 494; Vaughan, 360; Mississauga, 241; and Markham, 226.

 

LOW-RISE

HIGH-RISE

TOTAL

Region

Mar. 2005

Mar. 2006

% Change

Mar. 2005

Mar. 2006

% Change

Mar. 2005

Mar. 2006

% Change

Durham

469

408

-13%

99

29

-71%

568

437

-23%

Halton

409

337

-18%

8

15

88%

417

352

-16%

Peel

740

621

-16%

438

123

-72%

1,178

744

-37%

Toronto

170

96

-44%

1,157

1,063

-8%

1,327

1,159

-13%

York

971

638

-34%

149

145

-3%

1,120

783

-30%

GTA

2,759

2,100

-24%

1,851

1,375

-26%

4,610

3,475

-25%


Source: RealNet Canada


With more than 1,400 members, the GTHBA is the voice of the residential construction industry in the Greater Toronto Area. Established in 1921, the association is comprised of land developers, home builders, professional renovation contractors, sub-contractors, suppliers, service, professional and financial firms. We are proudly affiliated with the Ontario and Canadian Home Builders' Associations.

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For further information: Suzanna Cohen, Director of Communications