July 19 - New home market up 33 per cent in June

July 19, 2007

New home market up 33 per cent  in June

New home sales in the Greater Toronto Area rose by a remarkable 33 per cent in June with high-rise condos capturing a near-record share of total sales, Bob Finnigan, president of the Building Industry and Land Development Association (BILD), revealed today.

According to RealNet Canada Inc., BILD's official source of new home market information, there were 5,013 new homes and condos sold in June with high-rise unit sales taking a 58 per cent share of the market.

Finnigan noted that low-rise (single-detached, semi-detached and town-home) sales were up 40 per cent with gains in every region, while high-rise (condo suites and lofts) sales were up 28 per cent with declines in the 905 regions offset by a healthy increase in condo sales in the City of Toronto.

"Monthly new home sales have not exceeded the 5,000 unit threshold since 2002 so these results come as a very pleasant surprise," said Finnigan, who added that year to date new home sales are up a healthy 5.4 per cent compared to the first six months of 2006.

Finnigan attributed the market strength to a combination of factors including buyers locking-in in advance of interest rate increases, a spate of high-profile new project launches, particularly by Toronto condo builders, and superb overall value aided by the healthy competitive market which persists among homebuilders in the GTA.

  Low Rise High Rise Total
Region  June 2006 June 2007 % Change  June 2006 June 2007 % Change  June 2006 June 2007 % Change 
Durham
207
329
58.9%
85
40
-52.9%
292
369
26.4%
Halton
329
431
31.0%
9
4
-55.6%
338
435
28.7%
Peel
455
507
11.4%
444
223
-49.8%
899
730
-18.8%
Toronto
79
89
12.7%
1,542
2,444
58.5%
1,621
2,533
56.3%
York
475
805
69.5%
148
141
-4.7%
623
946
51.8%
GTA
1,545
2,161
39.9%
2,228
2,852
28.0%
3,773
5,013
32.9%
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 residential land development, home building and professional renovation industry in the Greater Toronto Area. We are proudly affiliated with the Ontario and Canadian Home Builders' Associations.

Cynthia Malagerio
Manager Communications
416-391-3450or 416-951-4081

Stephen Dupuis
Manager of Chief Executive Officer
416-391-3453 or 416-948-8654


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