Aug 22 - Condo sales up 27 per cent

September 1, 2005

CONDO SALES UP 27 PER CENT

New home market rises high in July

Toronto- The high-rise condominium apartment market continues to run as hot as the summer weather, rising 27 per cent in July, Julie Di Lorenzo, president of the Greater Toronto Home Builders' Association, said today.

There were 3,371 new homes sold in the Greater Toronto Area in July, up 5 per cent over July, 2004. High-rise condominium apartment sales were up 27 per cent while sales of low-rise (single-detached, semi-detached, townhomes) homes declined by 4 per cent.

"The stellar performance of the condominium market in July is consistent with what has been happening all year long," Di Lorenzo noted. Through the first seven months of the year, the high-rise market is up a whopping 39 per cent while the low-rise market is down by 11 per cent.  Overall, total new home sales are up 4 per cent compared with the same period in 2004.

High-rise apartment sales represented 36 per cent of total sales in July, down slightly from the year to date average market share of 40 per cent.

The GTA new home price index remained stable at $386,133 for low-rise homes and $284,598 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 June were Toronto (1,080), Brampton (526), Mississauga (279); Vaughan (219) and  Markham (216)

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, sub-contractors, suppliers, service, professional and financial firms. We are proudly affiliated with the Ontario and Canadian Home Builders' Associations.

 

LOW-RISE

HIGH-RISE

TOTAL

REGION

July 2004

July 2005

% Change

July 2004

July 2005

% Change

July 2004

July 2005

% Change

Durham

395

368

-7%

13

45

246%

408

413

1%

Halton

573

373

-35%

9

10

11%

582

383

-34%

Peel

571

701

23%

118

106

-10%

689

807

17%

Toronto

137

114

-17%

746

966

29%

883

1,080

22%

York

564

601

7%

74

87

18%

638

688

8%

GTA

2,240

2,157

-4%

960

1,214

26%

3,200

3,371

5%


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