Nov 22 - New condo sales break all-time record

November 22, 2005

New condo sales break all-time record

November 22, 2005

Toronto-- "With 1,739 new high-rise condominium suites sold in October, there have now been more condos sold in the first ten months of the year than in any complete year prior," Julie Di Lorenzo, president of the Greater Toronto Home Builders' Association, said today.

"The previous high water mark for high-rise condominium sales was in 2002, when just over 15,000 suites were sold," said Di Lorenzo. "Through the first ten months of 2005, condo sales have reached 15,301 units and are projected to reach 17,500 units by years end, exceeding the 2002 record by roughly 15 per cent," Di Lorenzo added.

High-rise condos represented 44 per cent of the total of 3,953 new homes sold in the GTA in October and have accounted for 41 per cent of the more than 37,000 newly built homes and condos sold year-to-date. "The condo market share of total new home sales has doubled over the last five years through a combination of factors including affordability and choice, location and broader policy influences," Di Lorenzo stated.

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 October were Toronto, 1,511; Brampton, 552; Mississauga, 377; Vaughan, 324; and Markham, 240.

With more than 1,300 members, the GTHBA is the voice of the residential construction industry in the Greater Toronto Area. Established in 1921, the association is comprised of land developers, home builders, professional renovation contractors, sub-contractors, suppliers, service, professional and financial firms. We are proudly affiliated with the Ontario and Canadian Home Builders' Associations.

 

LOW-RISE

HIGH-RISE

TOTAL

Region

Oct 2004

Oct 2005

% Change

Oct 2004

Oct 2005

% Change

Oct 2004

Oct 2005

% Change

Durham

363

401

10%

31

8

-74%

394

409

4%

Halton

494

271

-45%

32

67

109%

526

338

-36%

Peel

628

813

29%

89

123

38%

717

936

31%

Toronto

117

105

-10%

1,225

1,406

15%

1,342

1,511

13%

York

852

624

-27%

73

135

85%

925

759

-18%

GTA

2,454

2,214

-10%

1,450

1,739

20%

3,904

3,953

1%

Source: RealNet Canada Inc.

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