July 23 - Healthy first half for new home sales

July 29, 2008

Healthy first half for new home sales

Toronto, July 23, 2008 - There were 3,544 new homes and condominiums sold across the Greater Toronto Area in June, 2008, bringing total new home sales for the first half of 2008 up to 17,094 units, Michael Moldenhauer, President of the Building Industry & Land Development Association (BILD), revealed today.

While new home sales in June were very much in line with average June sales over the last five years, they couldn't withstand comparisons with June, 2007, which set the all-time record for monthly new home sales.  Similarly, total new home sales through the first half of 2008 have fallen shy of the breakneck pace of 2007, which was the second-best year ever.

"Setting aside comparisons with last June or last year, the more than 3,500 units sold in June represents a very healthy level of activity," Moldenhauer noted. "We're on pace to sell up to 35,000 new homes and condos this year, boosting the regional and provincial economy when so many other sectors are lagging," he added.

Moldenhauer added that sales of high-rise condominium suites accounted for a remarkable 59 per cent of total new home sales.

June

Low Rise

 

% Change 

 

High Rise

 

% Change

 

Total

 

% Change

 

Region

2007

2008

2007

2008

2007

2008

Durham

310

260

-16.1%

33

18

-45.5%

343

278

-19.0%

Halton

421

289

-31.4%

23

33

43.5%

444

322

-27.5%

Peel

487

263

-46.0%

237

310

30.8%

724

573

-20.9%

Toronto

75

108

44.0%

3,162

1,493

-52.8%

3,237

1,601

-50.5%

York

777

532

-31.5%

138

238

72.5%

915

770

-15.8%

GTA

2,070

1,452

-29.9%

3,593

2,092

-41.8%

5,663

3,544

-37.4%

Jan-Jun

11,992

8,834

-26.3%

11,059

8,260

-25.3%

23,051

17,094

-25.8%

 

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.