Mar 18, 2004 - February 2004 Sales Figures

January 17, 2005

March 18, 2004

February 2004 Sales Figures 
Surge in high-rise sales drives February market
 
Toronto—The new home market surged ahead in February reaching the third highest level on record for February with 3,708 new homes and condos sold in the Greater Toronto Area, announced Mark Parsons, president of the Greater Toronto Home Builders' Association today.

The results were driven by strong high-rise sales which saw an 18 per cent increase year over year. High-rise sales growth was particularly strong (up 65 per cent) in the regions outside Toronto, reflecting a growing shift toward suburban intensification.

Overall, the new home and condo market saw an 8 per cent increase over February 2004 and a 39 per cent increase over January of this year.

“Continuing poor weather did little to dampen home buyer’s enthusiasm in February. With five-year mortgage rates 0.75 lower now that at the end of last year, home ownership continues to be accessible to a larger number of people,” said Parsons.

Parsons cautioned that the current market strength is threatened by increasing land costs stemming from the current provincial freeze on urban boundary expansions plus the threat of substantially higher development charges within the city of Toronto. “Low interest rates are masking the cost increases being driven by government at all levels,” Parsons stated.

February new home sales, prepared for the GTHBA by RealNet Canada Inc., were split 70 per cent low-rise and 30 per cent high-rise. The top five municipalities were: Toronto, 981; Brampton, 591; Mississauga, 348; Markham, 287 and Richmond Hill, 235.

February 2004 Sales Figures   Historical Sales (Adjusted Monthly)

Municipality

Low-
rise

High-
rise

Total

Month

Low-
rise

High-
rise

Total

Toronto
134
847
981
Feb-03
2504
938
3442
Brampton
586
5
591
Mar-03
2744
828
3572
Mississauga
232
116
348
Apr-03
2559
778
3337
Markham
279
8
287
May-03
3253
1148
4401
Richmond Hill
183
52
235
Jun-03
2824
1359
4183
Whitby
164
0
164
Jul-03
2581
1116
3697
Burlington
121
40
161
Aug-03
2406
775
3181
Ajax
160
0
160
Sep-03
2727
862
3589
Oakville
144
3
147
Oct-03
2753
1660
4413
Milton
119
0
119
Nov-03
2874
1692
4566
Vaughan
101
16
117
Dec-03
1629
699
2328
Clarington
83
10
93
Jan-04
1967
696
2663
Newmarket
79
3
82
Oshawa
58
0
58
Halton Hills
46
0
46
Pickering
27
6
33
Caledon
31
0
31
Aurora
18
0
18
Whitchurch-Stouffville
14
0
14
Uxbridge
7
0
7
Georgina
6
0
6
Scugog
6
0
6
King
0
4
4
East Gwillimbury
0
0
0
TOTALS:
2,598
1,110
3,708

 

Yearly Comparison by Region

Region

Low-rise
Feb 04

High-rise
Feb 03

Total
Feb 2003

Total
Feb 2004

% Change

Durham 505 16
438
521
19%
Halton
430
43
455
473
4%
Peel
849
121
950
970
2%
Toronto
134
847
884
981
11%
York
680
83
715
763
7%

GTA:

2,598

1,110

3,442

3,708

8%

Copyright © RealNet Canada.

The new home sales figures were prepared for the GTHBA
by RealNet Canada Inc.

For further information:
Suzanna Cohen, Director of Communications 416-391-3450