March 21 - Spring weather warming new home sales

March 22, 2007

Spring weather warming new home sales

March 21, 2007

Toronto- There were 2,641 new homes and condominiums sold in the Greater Toronto Area in February, Bob Finnigan, president of GTHBA-UDI, announced today.

According to RealNet Canada Inc., the association's official, independent source of new home market information, February new home sales were  up 36 per cent over January, 2007 but 18 per cent lower compared with February, 2006.

Finnigan noted that the buoyant resale market, recent buyer intention survey results, positive market fundamentals and general feedback from home builders suggest a solid spring market in the GTA.
"We're into the active market phase now with new project openings and much more favourable weather conditions than the deep freeze that persisted throughout February," said Finnigan. "Competition among builders and lending institutions are both working in favour of home buyers," he added.

New home sales were split 73 per cent low-rise (single-detached, semi-detached and townhomes), 27 per cent high-rise (condominium suites, lofts and stacked townhomes).

The GTA new home price index increased to $407,834 for low-rise homes and $332,390 for high-rise apartments.  

The index is essentially the average asking price of all the remaining new homes and condos currently available for sale, as calculated by RealNet Canada Inc.

 The new home price index is based on currently available new home offerings, weighted by remaining inventory, for projects of 15 or more units, excluding ultra-luxury product across the GTA.

With more than 1,500 members, GTHBA-UDI, 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.

February Sales by Region

 

LOW-RISE

HIGH-RISE

TOTAL

Region

Feb. 2006

Feb. 2007

% Change

Feb. 2006

Feb. 2007

% Change

Feb. 2006

Feb. 20067

% Change

Durham

414

342

-17%

11

2

-82%

425

344

-19%

Halton

401

365

-9%

19

14

-26%

420

379

-10%

Peel

569

545

-4%

73

57

-22%

642

602

-6%

Toronto

108

85

-21%

871

549

-37%

979

634

-35%

York

619

590

-5%

143

92

-36%

762

682

-10%

GTA

2,111

1,927

-9%

1,117

714

-36%

3,228

2,641

-18%

Source: RealNet Canada Inc.

-30-

For more information:

Suzanna Cohen
Director of Communications
scohen@gthba.ca


Stephen Dupuis
Chief Executive Officer
sdupuis@gthba.ca