December 22 - New home sales reasonably solid under circumstances

December 22, 2008

New home sales reasonably solid under circumstances

Toronto, December 22, 2008 - There were 1,638 new homes and condos sold in the Greater Toronto Area in November, Michael Moldenhauer, President of the Building Industry & Land Development Association (BILD) said today.

Moldenhauer noted that November sales were down appreciably from the heady days of 2007 prior to the onset of the global financial turmoil yet remarkably resilient in that context. "The fact that more than 1,600 new homebuyers signed on the dotted line despite all the distracting factors in November represents a very encouraging vote of confidence in the GTA new home market," he said.

Moldenhauer projected that new home sales would end the year at around 28,500 total sales, down approximately 35 per cent compared with 2007, which he described as a "reasonably solid performance given the circumstances prevalent throughout much of the final third of the year."

Mr. Moldenhauer pointed out that growth in high-rise unit sales has continued throughout 2009 with 55 per cent of the market now captured by this product type. "The continued growth of high-rise sales is reflective of higher order provincial policy on intensification combined with the relative affordability of the product type," Moldenhauer concluded.

November

Low Rise 

 

High Rise

 

Total

 

Region

2007

2008

% Change

2007

2008

% Change

2007

2008

%Change

Durham

223

139

-37.7%

12

10

-16.7%

235

149

-36.6%

Halton

291

91

-68.7%

32

22

-31.3%

323

113

-65.0%

Peel

311

287

-7.7%

86

16

-81.4%

397

303

-23.7%

Toronto

88

35

-60.2%

1,922

789

-58.9%

2,010

824

-59.0%

York

682

121

-82.3%

227

128

-43.6%

909

249

-72.6%

GTA

1,595

673

-57.8%

2,279

965

-57.7%

3,874

1,638

-57.7%

Jan to Nov

20,442

12,442

-39.1%

22,015

15,053

-31.6%

42,547

27,495

-35.4%

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.