Aug 23, 2004 - July 2004 Sales Figures

January 18, 2005

August 23, 2004 

July 2004 Sales Figures 
(Housing Statistics) Average new home asking price hits $362,030

Toronto— The average asking price of a newly-built, low-rise home in the Greater Toronto Area has been pegged at $362,030 while the average asking price of a newly-built high-rise condominium sits at $266,150 (excludes ultra-luxury projects) the Greater Toronto Home Builders’ Association revealed today.

The GTA new home price 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 index is based on currently available new home offerings, weighted by remaining inventory, for projects of 15 or more units, across the GTA.
“While being of obvious interest to the public, the GTA new home price index will allow builders and industry analysts to keep much closer tabs on market trends and the overall pulse of the market,” said GTHBA president Mark Parsons.

RealNet further revealed that there were 3,329 new homes and condos sold in the GTA in July, representing a 9 per cent decrease from July, 2003, a decrease Parsons attributes to the declining inventory of low-rise product resulting from the overall strength of the market combined with the impact of restrictive provincial land policies.

Through the first seven months of 2004, total new home sales are up 5.5 per cent based totally on the strength of the high-rise condominium market, which is running 23 per cent ahead of last year compared with the low-rise market which is at par with 2003 through to July.

Region
Low-rise
July 04
Hi-rise
July 04
Total
July 2003
Total
July 2004
% Change
Durham
407
15
373
422
13%
Halton
564
12
555
576
4%
Peel
589
175
827
764
-8%
Toronto
174
763
991
937
-5%
York
558
72
924
630
-32%
GTA
2,292
1,037
3,670
3,329
-9%

The top five municipalities were Toronto, 937; followed by Brampton with 425; Milton, 322; Mississauga, 319; Markham, 189

The new home sales were prepared for the GTHBA
by RealNet Canada Inc.

For further information:
Suzanna Cohen, Director of Communications 416-391-3450

Aug 2004 PR graph