October 23 - New high-rise condo sales up 66 per cent in September

October 23, 2007

New high-rise condo sales up 66 per cent in September

New home and condominium sales in the Greater Toronto Area spiked 30 per cent in September driven by a whopping 66 per cent increase in high-rise condominium suite sales, Bob Finnigan, president of the Building Industry and Land Development Association (BILD), revealed today.

According to RealNet Canada Inc., BILD's official, independent source of new home market data, there were nearly 4,000 new homes and condos sold in September, with six  in ten of those being high-rise condos.

"It's getting to sound like a bit of a broken record but the condo market is THE market story of 2007," said Finnigan, adding that sales of newly built condominiums are up 31 per cent through the first nine months of the year.

"We're well on track to smash all condo sales records in 2007. In a positive sense, home buyers are responding to the outstanding design, amenities and tremendous overall value offered in the condo market. Sales are up substantially, but price increases have remained very moderate in response to the good supply and competitive market."

"However, some home buyers are backing into the condo market based on the rising price of low-rise (single-detached, semi-detached and town-home) homes, an outcome of rapidly rising low-rise land prices in the Greater Toronto Area," Finnigan stated.

  Low Rise      High Rise     Total    
Region 2006 2007   2006 2007   2006 2007  
Durham 259 243 -6.2% 38 17 -55.3% 297 260 -12.5%
Halton 393 239 -39.2% 5 4 -20.0% 398 243 -38.9%
Peel 376 325 -13.6% 125 252 101.6% 501 577 15.2%
Toronto 81 138 70.4% 813 1,842 126.6% 894 1,980 121.5%
York 493 644 30.6% 400 175 -56.3% 893 819 -8.3%
GTA 1,602 1,589 -0.8% 1,381 2,290 65.8% 2,983 3,879 30.0%
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