February 24 - New home sales off to solid start

February 25, 2010

New home sales off to solid start

Greater Toronto, Feb. 24, 2010 - The 2,162 new homes and condominiums sold in the Greater Toronto Area in January 2010 represent the continuation of the positive trend in new home sales established in the second half of 2009, and a solid start to the new year, the Building Industry & Land Development Association (BILD) said today.

Compared to the absolute bottom of the market at the height of the global economic crisis in January 2009, total new home sales are up a stunning 237 per cent. However, such comparisons are grossly misleading, says the Association. Comparing with prior years, January sales are up 11 per cent over January 2008 (1,942 sales) and 17 per cent over January 2007 (1,836 sales).

"The market is reasonably healthy but certainly not frothy," said BILD President and CEO Stephen Dupuis. "In the face of constant government regulation and taxation, the industry is doing its best to maintain market momentum by offering tremendous value in both the high- and low-rise sectors."

Total new home sales in January were split 53 per cent low-rise (single-detached, semi-detached and townhomes) and 47 per cent high-rise condominium suites.

January '10

Low Rise

 

High Rise

 

Total

 

Region

2009

2010

% Change

2009

2010

% Change

2009

2010

%Change

Durham

117

195

66.7%

1

8

700.0%

118

203

72.0%

Halton

72

102

41.7%

6

43

616.7%

78

145

85.9%

Peel

83

299

260.2%

20

71

255.0%

103

370

259.2%

Toronto

24

67

179.2%

201

809

302.5%

225

876

289.3%

York

104

482

363.5%

13

86

561.5%

117

568

385.5%

GTA

400

1,145

186.3%

241

1,017

322.0%

641

2,162

237.3%

Jan- Jan

400

1,145

186.3%

241

1,017

322.0%

641

2,162

237.3%

Source:  RealNet Canada Inc.

With more than 1,300 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.
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