June 20 - New condo market chugging along

June 23, 2008

New condo market chugging along

Greater GTA, June 20, 2008 -- Sales of new condominiums continued at a very brisk pace in May while sales of new low-rise homes slowed due primarily to continuing land supply constraints, Michael Moldenhauer, president of the Building Industry & Land Development Association (BILD), said  today.

There were 3,181 new homes sold in the Greater Toronto Area in May, 2008, split almost evenly (51-49) between low-rise, single- and semi-detached or town-homes (1,626 units) and high-rise condominium suites (1,555 units).

While high-rise unit sales were off just 8 per cent from last years blistering pace, low-rise unit sales declined by 31 per cent due in large part to a general lack of supply in the market. Delays in the land development approval process and/or infrastructure servicing have meant fewer new, large developments on the market.

May

Low Rise 

 

% Change

High Rise

 

% Change

Total

 

% Change

Region

2007

2008

 

2007

2008

 

2007

2008

 

Durham 396 221 -44.20% 162 10 -93.80% 558 231 -58.60%
Halton 364 230 -36.80% 20 101 405.00% 384 331 -13.80%
Peel

596

529 -11.20% 102 135 32.40% 698 664 -4.90%
Toronto 177 117 -33.90% 1,215 1,248 2.70% 1,392 1,365 -1.90%
York 831 529 -36.30% 191 61 -68.10% 1,022 590 -42.30%

GTA

2,364 1,626 -31.20% 1,690 1,555 -8.00% 4,054 3,181 -21.50%



Source:  RealNet Canada Inc.