May 24 - April New Home Sales Figures

May 24, 2005

CONDO, CONDO, CONDO

Four in ten new home sales are condos

May 24, 2005

Toronto- Sales of high-rise condominium suites continues to drive the new home market in the Greater Toronto Area showing a remarkable 38 per cent increase in April compared with the same month last year said Julie Di Lorenzo, president of the Greater Toronto Home Builders' Association today.

Through the first four months of 2005, high-rise condominium suite sales are up 28 per cent compared with the first four months of 2004. Four in ten new homes sold in April were high-rise apartments, compared with an average of one in three last year.

"The robust demand for condominium apartments is not showing signs of slowing down in the near future. Overall, this was the second strongest April on record with a total of 4,551 new homes and condominiums sold, up 3 per cent over last April" said Di Lorenzo.

The GTA new home price index remained stable at $378,281 for low-rise homes and $276,345 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 GTHBA's independent source of new home market information.

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.

The top five municipalities in the GTA for April were Toronto (1,530), Brampton (621), Mississauga (500), Markham (360) and Vaughan (259).

 

LOW-RISE

HIGH-RISE

TOTAL

REGION

2004

2005

%
Change

2004

2005

%
Change

2004

2005

%
Change

Durham

488

486

0%

11

44

300%

499

530

6%

Halton

531

349

-34%

60

19

-68%

591

368

-38%

Peel

849

802

-6%

142

322

127%

991

1,124

13%

Toronto

158

156

-1%

973

1,364

40%

1,131

1,520

34%

York

1,073

924

-14%

140

85

-39%

1,213

1,009

-17%

GTA:

3,099

2,717

-12%

1,326

1,834

38%

4,425

4,551

3%


For further information:

Suzanna Cohen, Director of Communications 416-391-3450
Stephen Dupuis, Executive Vice President 416-391-3453