April 18 - March new condo sales rise high, up 34 per cent

April 23, 2007

March new condo sales rise high, up 34 per cent

April 18, 2007

Toronto- There were 4,014 new homes and condominiums sold in the Greater Toronto Area in March, up 15 per cent year over year, driven by a whopping 34 per cent increase in high-rise condominium suite sales, Bob Finnigan, president of the home building industry and land development association (GTHBA-UDI), announced today.

According to RealNet Canada Inc., the association's independent source of new home market information, more than half of all new homes sales in March were high-rise with exceptional condo sales in York Region and Toronto driving the overall market to a very solid Q1 performance.

"The first quarter of this year has been as erratic as the weather but ended on a decidedly positive note," said association president Bob Finnigan. "Homebuilders have been anticipating this buoyancy in the market now that the weather is improving and homebuyers can get out and see all the new projects and product offerings available, and the momentum continues," he added.

The RealNet Canada Inc. GTA new home price index for low-rise homes sits at $406,700, up $11,662 or 2.9% since last March, while the high-rise price index sits at $327,732, up $30,295 or 10 per cent over last March.

The index is essentially the average asking price of all the remaining new homes and condos currently available for sale, weighted by remaining inventory, for projects of 15 or more units, excluding ultra-luxury product across the GTA.

March new home sales were split 51 per cent high-rise (condominium suites, lofts and stacked town-homes), 49 per cent low-rise (single-detached, semi-detached and town-homes).

With more than 1,500 members, GTHBA-UDI, formed through the merger of the Greater Toronto Home Builders' Association and Urban Development Institute/Ontario is the voice of the residential land development, home building and professional renovation industry in the Greater Toronto Area. We are proudly affiliated with the Ontario and Canadian Home Builders' Associations.

March Sales by Region

Region Mar. 2006 Mar. 2007 % Change Mar. 2006 Mar. 2007 % Change Mar. 2006 Mar. 20067 %
Durham 355 409 15.20% 27 5 -81.50% 382 414 8.40%
Halton 317 386 21.80% 12 16 33.30% 329 402 22.20%
Peel 607 518 -14.70% 125 150 20.00% 732 668 -8.70%
Toronto 75 107 42.70% 1,194 1,423 19.20% 1,269 1,530 20.60%
York 607 561 -7.60% 159 439 176.10% 766 1,000 30.50%
GTA 1,961 1,981 1.00% 1,517 2,033 34.00% 3,478 4,014 15.40%

Source: RealNet Canada Inc.


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