November 22 - New homes sales show strength in numbers

November 22, 2011

New homes sales show strength in numbers

Greater Toronto, November 22, 2011 - The high-rise market in the GTA showed another strong month with 2,928 sales, making it the second-best October on record, the Building Industry and Land Development Association (BILD) revealed.

Current year-to-date high-rise sales of 23,747 also set a new record for most high rise sales in a year - surpassing the 22,316 high rise sales recorded in 2007, reported RealNet Canada Inc., BILD's official source of new home market intelligence.

The big contributor to this strong performance comes not from the City of Toronto, but from York Region, which saw high-rise sales more than double over its October 2010 counterpart, resulting in a 33 per cent increase year-to-date.

"There seems to be a new trend setting in over the last couple of months, with the 905 areas outperforming the Toronto when it comes to condo sales," said BILD Acting President Joe Vaccaro. "York Region has been particularly successful in this sector, likely as a result of some exciting new projects surrounding future transportation corridors."

The low-rise market in the GTA improved by 17 per cent in October, leaving total new home sales relatively unchanged from last year.

October '11

Low Rise

High Rise

Total

Region

2010

2011

% Change

2010

2011

% Change

2010

2011

%Change

Durham

157

252

60.5%

10

12

20.0%

167

264

58.1%

Halton

300

369

23.0%

199

123

-38.2%

499

492

-1.4%

Peel

214

475

122.0%

135

97

-28.1%

349

572

63.9%

Toronto

123

62

-49.6%

2,667

1,676

-37.2%

2,790

1,738

-37.7%

York

567

434

-23.5%

421

1,020

142.3%

988

1,454

47.2%

GTA

1,361

1,592

17.0%

3,432

2,928

-14.7%

4,793

4,520

-5.7%

Jan-Oct

13,573

15,056

10.9%

17,852

23,747

33.0%

31,425

38,803

23.5%

Source: RealNet Canada Inc.

With more than 1,350 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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For media inquiries, please contact Andrei Zaretski at azaretski@bildgta.ca or 416-391-3450; or Amy Lazar at alazar@bildgta.ca or 416-391-3452.