September 22 - August new home sales up 62 per cent

September 22, 2009

August new home sales up 62 per cent

September 22, 2009, Toronto - Sales of new high-rise condominium suites stabilized in August while sales of new low-rise (single-detached, semi-detached and town-homes) homes spiked by a dramatic 163 per cent, resulting in a 62 per cent increase in total new home sales, August over August, the Building Industry & Land Development Association (BILD) revealed today.

According to RealNet Canada Inc., there were 3,074 new homes and condos sold in the Greater Toronto Area in August, 2009. Monthly high-rise sales were up for the first time this year, albeit very modestly, while low-rise unit sales continued on the exceedingly hot pace of the last several months.

BILD President and CEO Stephen Dupuis attributed the surge in sales to homebuyers recognizing that homebuilders are offering some of the best prices they might ever see, and seizing the opportunity. "It's the exhilaration of a bargain," Dupuis asserted.

Dupuis added that first-time homebuyers are particularly active in the market, taking advantage of the combination of attractive prices and ultra-low interest rates to make their market entry. "The return of the first-time buyer is always a very healthy sign and is a clear indication of the great value that builders are offering today," he said.

Dupuis sounded a cautionary note that total new home sales year to date are still running 18 per cent behind 2008, which was not exactly a banner year for the industry. "This is a relative recovery which needs to be nurtured. We are not out of the woods and the industry cannot absorb any increases in government-driven taxes, fees and levies," he concluded.

August

Low Rise 

 

High Rise

 

Total

 

Region

2008

2009

% Change

2008

2009

% Change

2008

2009

%Change

Durham

152

256

68.4%

8

5

-37.5%

160

261

63.1%

Halton

129

313

142.6%

25

13

-48.0%

154

326

111.7%

Peel

139

489

251.8%

107

52

-51.4%

246

541

119.9%

Toronto

63

82

30.2%

942

1,033

9.7%

1,005

1,115

10.9%

York

223

723

224.2%

104

108

3.8%

327

831

154.1%

GTA

706

1,863

163.9%

1,186

1,211

2.1%

1,892

3,074

62.5%

Jan-Aug

10,058

11,144

10.8%

11,530

6,639

-42.4%

21,588

17,783

-17.6%

Source:  RealNet Canada Inc.

With more than 1,400 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.