August 23 - New home sales up 36 per cent in July

August 23, 2011

New home sales up 36 per cent in July

The "dog-days of summer" have not affected new home buyers in the slightest as GTA new home sales surged 36 per cent in July, the Building Industry and Land Development Association (BILD) revealed today.

According to RealNet Canada Inc., BILD's official source of new home market intelligence, this increase is based on a remarkable 64 per cent boost in sales of new low-rise (single-detached, semi-detached and town-home) product in the 905 Regions, as well as a 20 per cent jump in high-rise condominium sales.

"There certainly has been no period of stagnation or inactivity in the new home market this summer," said BILD President and CEO Stephen Dupuis. "Following a 54 per cent increase in June, the market was up 36 per cent in July and by all accounts, August is shaping up to be as good or better."

Dupuis noted the recent strength of the low-rise housing market, which has been held back by a lack of supply for quite some time. "It's nice to see the traditional back-bone of the GTA new home market, that being the 905 low-rise housing segment, put up some solid results," he said, while adding that "condo sales were also up smartly in Halton and York Regions."

July '11

Low Rise

High Rise

Total

Region

2010

2011

% Change

2010

2011

% Change

2010

2011

%Change

Durham

182

161

-11.5%

2

3

50.0%

184

164

-10.9%

Halton

56

227

305.4%

21

66

214.3%

77

293

280.5%

Peel

161

251

55.9%

332

36

-89.2%

493

287

-41.8%

Toronto

42

80

90.5%

667

869

30.3%

709

949

33.9%

York

285

472

65.6%

222

516

132.4%

507

988

94.9%

GTA

726

1,191

64.0%

1,244

1,490

19.8%

1,970

2,681

36.1%

Jan-July

10,170

10,736

5.6%

11,709

15,990

36.6%

21,879

26,726

22.2%

Source: RealNet Canada Inc.

With more than 1,350 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.

-30-