November 20 - GTA new home sales soar 106 per cent in October

November 20, 2009

GTA new home sales soar 106 per cent in October

November 20, 2009, Toronto - New homes sales in the Greater Toronto Area reached their highest monthly total since July 2007, with 4,150 new homes and condos sold last month, the Building Industry and Land Development Association (BILD) revealed today.

Sales of new low-rise (single-detached, semi-detached and townhomes) homes, primarily in the 905 area, were up an astounding 173 per cent while sales of new high-rise condo suites, primarily in the City of Toronto, rose by an impressive 77 per cent, resulting in an overall 106 per cent increase in total new home sales in October, according to data from RealNet Canada Inc., BILD's official market information source.

"The turnaround in new home sales has been nothing short of remarkable, with homebuyers taking advantage of ultra-low interest rates and intense competition among builders," said Stephen Dupuis, President and CEO of BILD. "The low-rise new housing market picked-up in late Spring while the high-rise condo market has sprung back this Fall, accounting for 60 per cent of total new home sales in October."

"With year-to-date sales now running 2.5 per cent ahead of last year and a decidedly up-note in the market, it looks like total new home sales in 2009 will end up far higher than anyone could have anticipated earlier in the year," Dupuis concluded.

 

October '09

Low Rise

 

High Rise

 

Total

 

Region

2008

2009

% Change

2008

2009

% Change

2008

2009

%Change

Durham

120

274

128.3%

27

8

-70.4%

147

282

91.8%

Halton

102

384

276.5%

15

132

780.0%

117

516

341.0%

Peel

213

548

157.3%

54

46

-14.8%

267

594

122.5%

Toronto

33

99

200.0%

1,145

2,064

80.3%

1,178

2,163

83.6%

York

154

395

156.5%

145

200

37.9%

299

595

99.0%

GTA

622

1,700

173.3%

1,386

2,450

76.8%

2,008

4,150

106.7%

GTA Jan-Oct

11,490

14,866

29.4%

13,853

11,087

-20.0%

25,343

25,953

2.4%

Source:  RealNet Canada Inc.

With more than 1,400 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.