March 22 - No February “blahs” for GTA new home sales

March 22, 2010

No February "blahs" for GTA new home sales

Greater Toronto, March 22, 2010 - Sales of new homes and condos in the Greater Toronto Area in February reached its highest levels since 2006, the Building Industry & Land Development Association (BILD) revealed today.

According to RealNet Canada Inc., BILD's official, independent source of new home market intelligence, there were 3,148 new homes and condos sold in the GTA in February 2010.

Revealing the dramatic difference a year makes, new home sales were up 237 per cent over February 2009. Comparing with non-recessionary years, February sales were up 24 per cent versus 2008 and 19 per cent versus 2007.

"The February results come as no surprise based on the feedback the Association has been receiving from the builders who have launched new projects of late, and on that basis, March results are expected to complete a very solid first quarter for new home sales in the GTA," said BILD president and CEO Stephen Dupuis.

"The new home market continues to benefit from the tight conditions in the resale market, 50-year low interest rates and healthy levels of consumer confidence in real estate, not to mention efforts by the builders themselves to offer the utmost value," Dupuis added.

February sales were almost equally split between low-rise and high-rise sectors with 51 per cent single-detached, semi-detached or town-home sales and 49 per cent high-rise condominium suite sales.

February '10

Low Rise

 

High Rise

 

Total

 

Region

2009

2010

% Change

2009

2010

% Change

2009

2010

%Change

Durham

131

240

83.2%

9

8

-11.1%

140

248

77.1%

Halton

210

275

31.0%

8

20

150.0%

218

295

35.3%

Peel

136

384

182.4%

30

85

183.3%

166

469

182.5%

Toronto

50

76

52.0%

197

1,310

565.0%

247

1,386

461.1%

York

145

635

337.9%

17

115

576.5%

162

750

363.0%

GTA

672

1,610

139.6%

261

1,538

489.3%

933

3,148

237.4%

Jan-Feb

1,072

2,849

165.8%

502

2,597

417.3%

1,574

5,446

246.0%

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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