May 21 - New home sales come off 2007 pace

May 21, 2008

New home sales come off 2007 pace

Greater Toronto Area, May 21, 2008 -  There were 2,560 new homes and condos sold in the Greater Toronto Area in April, 2008, bringing total sales in the first four months of the year to over 10,250 units, Michael Moldenhauer, president of the Building Industry & Land Development Association (BILD), said today.

Moldenhauer noted that while 10,250 sales represent a healthy performance level, it equates to a 23 per cent decline from the comparatively exuberant levels posted through April, 2007.

"While builders had been hoping for a stronger beginning to the second quarter, April new home sales actually detracted from an otherwise healthy first quarter," Moldenhauer stated.

Mr. Moldenhauer noted that the bulk of the April decline (58 per cent) in unit sales was concentrated in the City of Toronto and attributed that decline to a combination of artificially high sales from new project openings in April, 2007 and the impact of the duplicate land transfer tax which is now fully effective in the City.

April Low Rise      High Rise     Total    
Region 2007 2008 % Change 2007 2008 % Change 2007 2008 %Change
Durham 486 288 -40.7% 5 27 440.0% 491 315 -35.8%
Halton 501 285 -43.1% 6 9 50.0% 507 294 -42.0%
Peel 607 236 -61.1% 109 101 -7.3% 716 337 -52.9%
Toronto 128 77 -39.8% 1,950 723 -62.9% 2,078 800 -61.5%
York 693 716 3.3% 263 98 -62.7% 956 814 -14.9%
GTA 2,415 1,602 -33.7% 2,333 958 -58.9% 4,748 2,560 -46.1%
Year to date 7,562 5,778 -23.6% 5,788 4,472 -22.7% 13,350 10,250 -23.2%

Source:  RealNet Canada Inc.

With more than 1,500 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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