May 28 - Condos rivaling low-rise home sales

May 28, 2007

Condos rivaling low-rise home sales

Toronto, May 28-  There were 4,639 new homes and condominiums sold in the Greater Toronto Area in April, Bob Finnigan, President of the Greater Toronto Home Builders Association and Urban Development Institute (GTHBA-UDI), announced today.

According to RealNet Canada Inc., the association's independent source of new home market information, nearly half (47 per cent) of all new homes sales in April were high-rise based on a 29 per cent surge in condo sales in the City of Toronto.
 
"The active growth of condominium developments has created healthy competition amoung builders, and when combined with a solid market and low interest rates, new home buyers are finding lots of choices," said Bob Finnigan.

The RealNet Canada Inc. GTA new home price index for low-rise homes sits at $409,310, up $13,888 or 3.5 per cent since last April, while the high-rise price index sits at $315,050, up $15,426 or 5.1 per cent over last April.
The index is essentially the average asking price of all the remaining new homes and condos currently available for sale, weighted by remaining inventory, for projects of 15 or more units, excluding ultra-luxury product across the GTA.

April new home sales were split 53 per cent low-rise (single-detached, semi-detached and town-homes), 47 per cent high-rise (condominium suites, lofts and stacked town-homes).

  Low Rise High Rise Total
Region April April % Change  April April % Change  April April % Change
2006 2007 2006 2007 2006 2007
Durham  435 534 22.80% 28 6 -78.60% 463 540 16.60%
Halton 442 414 -6.30% 10 13 30.00% 452 427 -5.50%
Peel 655 598 -8.70% 212 102 -51.90% 867 700 -19.30%
Toronto  179 121 -32.40% 1,491 1,921 29.00% 1,670 2,042 22.28%
York  822 688 -16.30% 387 242 -37.50% 1,209 930 -23.10%
GTA 2,533 2,355 -7.00% 2,128 2,284 7.33% 4,661 4,639 0.47%
Source: RealNet Canada Inc.

Source: RealNet Canada Inc.

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.
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For more information:

Cynthia Malagerio
Manager of Communications
cmalagerio@gthba.ca

Stephen Dupuis
Chief Executive Officer
sdupuis@gthba.ca