August 22 - Condo sales reach new heights in July

August 22, 2008

Condo sales reach new heights in July

Toronto, August 22, 2008  - There were more new condos sold in the Greater Toronto Area in July than in any month so far this year and condos climbed to the highest monthly market share ever witnessed in the GTA market, Michael Moldenhauer, president of the Building Industry & Land Development Association (BILD), revealed today.

There were 3,135 new homes and condos sold in the Greater GTA in July, bringing total new home sales (January-July) to over 20,000 units of future construction.

Nearly three out of every four (73 per cent) units sold in July were high-rise condo suites, which is a truly astounding number. "We thought it was remarkable when monthly condo market share reached into the high 50 per cent range last year so this new high is particularly noteworthy," said Moldenhauer.

Moldenhauer acknowledged that the above-average high-rise market share was in part a reflection of much lower than average low-rise new home sales, which he attributed to a general lack of new low-rise housing supply in the market. "The low-rise land supply in the Greater GTA is very tight and developers are finding the approvals process for bringing new low-rise land on stream to be exceedingly slow," Moldenhauer added.

July

Low Rise  % Change High Rise % Change Total % Change
Region 2007 2008 2007 2008 2007 2008
Durham 344 108 -68.6% 29 11 -62.1% 373 119 -68.1%
Halton 331 213 -35.6% 49 92 87.8% 380 305 -19.7%
Peel 484 156 -67.8% 154 223 44.8% 638 379 -40.6%
Toronto 105 51 -51.4% 2,316 1,894 -18.2% 2,421 1,945 -19.7%
York 906 322 -64.5% 342 65 -81.0% 1,248 387 -69.0%
GTA 2,170 850 -60.8% 2,890 2,285 -20.9% 5,663 3,135 -44.6%
Jan-July 14,160 9,631 -32.0% 13,842 10,723 -22.5% 28,002 20,354 -27.3%

Source:  RealNet Canada Inc.

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