October 20 - New home sales mix evolving

October 20, 2010

New home sales mix evolving

Greater Toronto, October 20, 2010 - The low-rise new housing market in the GTA continues to under-perform relative to 2009, but the high-rise housing market remains quite strong, particularly in the 905 regions, the Building Industry & Land Development Association (BILD) said today in releasing the September 2010 new home sales statistics.

According to RealNet Canada Inc., BILDs official source of new home market intelligence, there were 2,722 new homes sold in the GTA in September, which is a very respectable performance, albeit 32 per cent below the break-neck pace recorded in September 2009 - the euphoric phase following the global economic crisis.

September high-rise sales were the third-best on record for that month despite a 16 per cent decline from last year. As noted by RealNet, the month ended on a decidedly up note with many late-month sales expected to be reflected in the October results after the normal 10-day cooling-off window. On a year-to-date basis, high-rise sales are running 59 per cent ahead of 2009 with a strong final quarter expected to come.

"What's particularly noteworthy about the high-rise market is the strength in the 905 regions, particularly Halton and Peel," said BILD President and CEO Stephen Dupuis. "The normal 80/20, 416/905 split was 71/29 in September, and given that the low-rise housing market in the 905 continues to be challenged by a severe lack of available product for sale, the trend towards more high-rise sales in the 905 is expected to continue to grow."

September '10

Low Rise

High Rise

Total

Region

2009

2010

% Change

2009

2010

% Change

2009

2010

%Change

Durham

315

170

-46.0%

7

6

-14.3%

322

176

-45.3%

Halton

287

287

0.0%

29

53

82.8%

316

340

7.6%

Peel

536

201

-62.5%

69

186

169.6%

605

387

-36.0%

Toronto

79

33

-58.2%

1,415

1,174

-17.0%

1,494

1,207

-19.2%

York

839

373

-55.5%

448

239

-46.7%

1,287

612

-52.4%

GTA

2,056

1,064

-48.2%

1,968

1,658

-15.8%

4,024

2,722

-32.4%

Jan-September

13,454

12,273

-8.8%

8,809

13,994

58.9%

22,263

26,267

18.0%

Source: RealNet Canada Inc.

With more than 1,300 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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