Apr 18 - March 2005 Sales Figures (Housing Statistics)

April 18, 2005

Condominium market up 15 per cent in first quarter

April 18, 2005

Toronto- The high-rise condominium market continues to set the pace for new home sales in the Greater Toronto Area, rising 27 per cent in March to cap off a solid first quarter in which condominium sales were up 15 per cent compared with the first three months of 2003.

The vibrant condominium market offset an 11 per cent decline in low-rise new home sales (single-detached, semi-detached, links and townhouses) in March, but could not fully rescue the first quarter, with total new home sales declining 7 per cent year over year.

"With 4,533 units sold, March was an exceptionally strong month for new home sales by any standard," said Julie Di Lorenzo, president of the Greater Toronto Home Builders' Association. "The new home market has been gathering steam throughout the first quarter and the trend is expected to continue," she added.

Di Lorenzo noted that high-rise condominium sales accounted for 37 per cent of total new home sales in March and 35 per cent through the first quarter. More than 40 per cent of high-rise condominium sales in March occurred in the regions surrounding Toronto, another trend she expects to continue. 

The GTA new home price index remained stable at $374,049 for low-rise homes and $273,069 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 (1,161), Brampton (721), Mississauga (451), Vaughan (388) and Markham (369).

With more than 1,300 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, subcontractors, suppliers, service, professional and financial firms. We are proudly affiliated with the Ontario and Canadian Home Builders' Associations.

LOW-RISE
HIGH-RISE
TOTAL
REGION
March
2004
March
2005
%
Change
March
2004
March
2005
%
Change
March
2004
March
2005
%
Change
Durham 
626
494
-21%
10
101
910%
636
595
-6%
Halton
534
421
-21%
20
8
-60%
554
429
-23%
Peel
911
740
-19%
328
439
34%
1,239
1,179
-5%
Toronto
187
263
-13%
815
998
22%
1,002
1,161
16%
York
922
1,018
10%
167
151
-10%
1,089
1,169
7%
GTA:
3,180
2,836
-11%
1,340
1,697
27%
4,520
4,533
0%

For further information:
Suzanna Cohen, Director of Communications 416-391-3450
Stephen Dupuis, Executive Vice President 416-391-3453