October 23 - 1,719 votes of confidence in new homes in September

October 23, 2008

1,719 votes of confidence in new homes in September

Toronto, October 22, 2008 - There were 1,719 votes of confidence in the new home market in September which, considering the economic and political volatility prevalent throughout the month, suggests that savvy homebuyers are taking a long-term view of the market, Michael Moldenhauer, president of the Building Industry and Land Development Association, said today.

While acknowledging a sharp slowdown in sales in September 2008 vs. 2007, Moldenhauer expressed pleasant surprise that so many buyers recognized the importance of taking a long-run view of real estate. "The people that are currently buying new homes are buying for all the right reasons," said Moldenhauer. "They are looking for a home to start a family, to put down community roots and to begin the long-term process of building equity," he added.

 "Wherever builders have a unique product offering, be it competitive pricing, a special location, green features or simply a grand opening, they are finding buyers," Moldenhauer stated.

Moldenhauer noted that through the first three quarters of 2008, there have been nearly 24,000 new homes and condos sold across the GTA, ensuring a healthy, albeit reduced level  of new home construction activity throughout 2009.

September

Low Rise

High Rise

Total

 

Region

2007

2008

% Change

2007

2008

% Change

2007

2008

Change

Durham

287

188

-34.5%

20

8

-60.0%

307

196

-36.2%

Halton

268

156

-41.8%

18

152

744.4%

286

308

7.7%

Peel

326

178

-45.4%

177

60

-66.1%

503

238

-52.7%

Toronto

116

56

-51.7%

1,958

644

-67.1%

2,074

700

-66.2%

York

692

235

-66.0%

189

42

-77.8%

881

277

-68.6%

GTA

1,689

813

-51.9%

2,362

906

-61.6%

4,051

1,719

-57.6%

Jan to Sept

17,314

11,131

-35.7%

17,585

12,699

-27.8%

34,899

23,830

-31.7%

Source:  RealNet Canada Inc.
With more than 1,500 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.