Oct 18, 2004 - September 2004 Sales Figures

January 18, 2005

October 18, 2004

September 2004 Sales Figures
(Housing Statistics) Condo market up 46 per cent in September

Toronto—There were 3,239 new homes and condominiums sold in the Greater Toronto Area in September, which represents a seasonal 11 per cent increase over this August and a modest 8 per cent decrease compared with September, 2003, Mark Parsons, president of the Greater Toronto Home Builders' Association said today.

Parsons noted that the high-rise condominium market exhibited particular strength in September, rising by 46 percent compared with September, 2003.

“As this year has progressed, the low-rise and high-rise markets have begun to trend quite differently. Total high-rise sales have surged ahead by 28 per cent this year based on affordability and choice while total low-rise sales have declined by 6 per cent due to a combination of low inventories and higher land costs,” Parsons said.

For the month of September, low-rise homes took 64 per cent of the market while high-rise apartments accounted for a 36 per cent market share. Year to date, low-rise homes have accounted for 69 per cent of all new home sales with high-rise at 31 per cent of the market.

The GTA new home price index remained steady in September at $343,935 for low-rise homes and $261,896 for high-rise condominiums. 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 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.

LOW-RISE
HIGH-RISE
TOTAL
REGION
2003
2004
%
Change
2003
2004
%
Change
2003
2004
%
Change
Durham
465
374
-20%
8
68
750%
473
442
7%
Halton
534
528
-1%
46
7
-85%
580
535
-8%
Peel
712
513
-28%
112
77
-31%
824
590
-28%
Toronto
249
109
-56%
553
971
76%
802
1,080
35%
York
739
540
-27%
88
52
-41%
827
592
-28%
GTA
2,699
2,064
-24%
807
1,175
46%
3,506
3,239
-8%

The top five municipalities were Toronto with 1,080 followed by Brampton, 362; Mississauga, 202; Milton, 201 and Markham, 185.

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

Copyright © RealNet Canada.