Feb 20 - New home sales explode out of the gate (January sales figures)

February 20, 2006

New homes sales explode out of the gate

February 20, 2006 

Toronto- There were 2,659 newly-constructed homes and condominiums sold in the Greater Toronto Area in January, up by a remarkable 28 per cent over the same month last year, Desi Auciello, president of the Greater Toronto Home Builders' Association announced today.

The sales figures report was prepared for the GTHBA by RealNet Canada Inc.

Both the low-rise and high-rise markets showed significant growth in January.   Low-rise homes, representing 67 per cent of all sales, grew by a remarkable 31 per cent over the same month last year while the high-rise market, representing 33 per cent of the market, climbed by a solid 21 per cent.

"We experienced unprecedented strength in the new home market in January, in large part because of unusually warm weather combined with continuing low interest rates and exceptional product choice and value," said Auciello.  "What's particularly gratifying is the strong pick-up in low-rise new home sales, a trend we will continue to watch closely," he added.

The GTA new home price index remained steady at $390,057 for low-rise homes and $293,510 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 January were Toronto, 774; Brampton, 433; Mississauga, 248; Vaughan, 157 and Markham, 142.

 

LOW-RISE

HIGH-RISE

TOTAL

Region

Jan. 2005

Jan. 2006

% Change

Jan. 2005

Jan. 2006

% Change

Jan. 2005

Jan. 2006

% Change

Durham

228

341

50%

25

28

12%

253

369

46%

Halton

243

332

37%

3

10

233%

246

342

39%

Peel

389

600

54%

88

86

-2%

477

686

44%

Toronto

88

91

3%

551

683

24%

639

774

21%

York

410

420

2%

58

68

17%

468

488

4%

GTA

1,358

1,784

31%

725

875

21%

2,083

2,659

28%

Source: RealNet Canada

With more than 1,400 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.

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For further information: Suzanna Cohen, Director of Communications