Oct 16 - Condo sales remain strong in September

October 25, 2006

October 16, 2006

Condos sales remain strong in September

Toronto- There were 3,042 new homes and condominiums sold in the Greater Toronto Area in September, on par with August and down a modest three per cent compared with September, 2005, Desi Auciello, president of GTHBA-UDI said today.

"The low-rise home and high-rise condo markets continue to trend quite differently. It was the strongest September in the last five years for high-rise sales posting an impressive 13 per cent increase over last year. Low-rise home sales, however, declined by 14 per cent as land availability for low-rise homes continues to tighten across the GTA," said Auciello.

"As we've seen in previous months, people are choosing condominium apartment living outside the city of Toronto particularly in Peel and York regions," Auciello added, noting the high-rise sales spiked an astronomical 300 per cent in York Region. 

Through the first nine months of the year, there have been more than 30,000 new homes and condos sold in the GTA, putting the industry on track for the seventh consecutive year of 40,000 or more new home sales.

For the month of September, low-rise homes took 53 per cent of the market while high-rise apartments accounted for a 47 per cent market share. Year to date, low-rise homes have accounted for 55 per cent of all new home sales with high-rise at 45 per cent of the market.

The low-rise new home price index currently sits at $392,893 while the high-rise price index is at $317.896.

The index is essentially the average asking price of all the remaining new homes and condos currently available for sale. 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 September were Toronto, 898; Markham, 537; Brampton 302; Vaughan, 262 and Mississauga 226.
With more than 1,500 members, GTHBA-UDI, formed through the merger of the Greater Toronto Home Builders' Association and Urban Development Institute/Ontario is the voice of the residential land development, home building and professional renovation industry in the Greater Toronto Area. We are proudly affiliated with the Ontario and Canadian Home Builders' Associations.

 

LOW-RISE

HIGH-RISE

TOTAL

Region

Sept. 2005

Sept. 2006

% Change

Sept. 2005

Sept. 2006

% Change

Sept. 2005

Sept. 2006

% Change

Durham

351

271

-23%

19

31

63%

370

302

-18%

Halton

271

366

35%

31

5

-84%

302

371

23%

Peel

530

393

-26%

99

135

36%

629

528

-16%

Toronto

148

89

-40%

997

809

-19%

1,145

898

-22%

York

596

504

-15%

108

439

306%

704

943

34%

GTA

1,896

1,623

-14%

1,254

1,419

13%

3,150

3,042

-3%


Source: RealNet Canada Inc.

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For further information:

Suzanna Cohen
Director of Communications