November 20 - New condo sales up yet again in October

November 20, 2007

New condo sales up yet again in October

November 20, 2007 - High-rise new home sales hit a five year peak in October, Bob Finnigan, president of the Building Industry and Land Development Association (BILD), revealed today.

High-rise condo and loft sales were up 15 per cent in October and are up 31 per cent through the first ten months of the year, compared with 2006. Meanwhile, low-rise (single-detached, semi-detached and town-homes) new home sales were down 39 per cent in October from last year, although overall year to date sales remain nearly on par with 2006.

Most of the difference in the drop in low-rise sales can be attributed to Halton region where
in October 2006, there were three major site openings that increased that months sales tremendously.  The other factor is that in many markets around the GTA there is a lack of low-rise product being offered due to very tight land availability.
 
Based solely on the strength of the high-rise market, total new home sales through the first ten months of 2007 are up nearly 14 per cent compared with 2006, with the final two months expected to contribute a particularly strong finish to a very good year.

"It's no secret that the high-rise condo market is very hot and it's all about price and affordability. The RealNet Canada Inc. new home price index for low-rise homes sits at $426,000 while the high-rise index sits at $333,000. That $93,000 difference is what's driving the high-rise condo market towards all-time records for total sales and market share, Finnigan stated.

 Region Low Rise High Rise Total
  Oct-06 Oct-07 % Change Oct-06 Oct-07 % Change Oct-06 Oct-07 % Change
Durham 283 229 -19.10% 12 30 150.00% 295 259 -12.20%
Halton 737 160 -78.30% 43 60 39.50% 780 220 -71.80%
Peel 448 279 -37.70% 169 382 126.00% 617 661 7.10%
Toronto 254 126 -50.40% 1,383 1,446 4.60% 1,637 1,572 -4.00%
York 652 645 -1.10% 174 130 -25.30% 826 775 -6.20%
GTA 2,374 1,439 -39.40% 1,781 2,048 15.00% 4,155 3,487 -16.10%

Source:  RealNet Canada Inc.

Cynthia Malagerio                                                

Manager of Communications                                       

416-391-3450 or 416-951-4081                                                 

communications@bildgta.ca                                                   

 

Stephen Dupuis

Chief Executive Officer

416-391-3453 or 416-948-8654 

sdupuis@bildgta.ca