Sep 23, 2004 - August 2004 Sales Figures

January 18, 2005

September 23, 2004

August 2004 Sales Figures
(Housing Statistics) Condo sales driving new home market

Toronto—New home sales remained active in August with a total of 2,927 new homes and condominiums being snapped-up by buyers throughout the Greater Toronto Area, Mark Parsons, president of the Greater Toronto Home Builders' Association, announced today.

Parsons further revealed that the new home price index has been pegged at $344,775 for low-rise homes and $263,032 for high-rise homes.

While August sales were off a slight 6 per cent compared with August, 2003, total year to date new home sales are up 4 per cent compared with the first eight months of 2003, based on a stunning 26 per cent surge in condominium sales.

"The high-rise condominium market has been particularly strong all year," said Parsons. "It's a direct reflection of the fact that the vast majority of condominiums fall within the $150,000 - $300,000 range, with monthly carrying costs well within the reach of most first-time homebuyers," he added.

The GTA new home price 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.

Region
Low-rise
Aug 04
Hi-rise
Aug 04
Total
Aug 2003
Total
Aug 2004
% Change
Durham
379
21
383
400
4%
Halton
421
9
487
430
-12%
Peel
511
116
874
627
-28%
Toronto
101
773
639
874
37%
York
532
64
728
596
-18%
GTA
1,944
983
3,111
2,927
-6%

For the month of August, low-rise homes took 66 per cent of the market while high-rise apartments accounted for a 34 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 top five municipalities were Toronto, 874; followed by Brampton with 388; Mississauga, 235; Milton, 201 and Markham, 153

The new home sales were prepared for the GTHBA
by RealNet Canada Inc.

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