September 22 - GTA new home sales slip in August

September 27, 2010

GTA new home sales slip in August

Greater Toronto, September 22, 2010 - Greater Toronto Area new home sales continue to run 28 per cent ahead of 2009 through the first eight months of this year despite softer sales over the summer months, the Building Industry & Land Development Association (BILD) revealed today.

There were 1,797 new homes and condos sold in the GTA in August, down 45 per cent from August 2009. While high-rise condo sales were down 33 per cent for the month, year-to-date sales show a 78 per cent increase from 2009, according to RealNet Canada Inc., BILD's official source on new home market information.

"Last year started slow and gathered steam all year long," said BILD President and CEO Stephen Dupuis. "This year, we had a very fast start as buyers rushed to beat the HST, potential mortgage rate hikes and the new federal mortgage financing rules, and then lost steam."

"It definitely looks like demand was borrowed from the second half of the year. However, momentum is expected to be regained as buyers are presented with all the new project openings which typify the Fall housing market in the GTA," Dupuis added.

Nearly half (48 per cent) of all new home sales in August were high-rise condos, with more than three quarters (77 per cent) of high-rise sales being recorded in the City of Toronto.

August '10

Low Rise

High Rise

Total

Region

2009

2010

% Change

2009

2010

% Change

2009

2010

%Change

Durham

280

165

-41.1%

7

9

28.6%

287

174

-39.4%

Halton

317

248

-21.8%

23

22

-4.3%

340

270

-20.6%

Peel

501

177

-64.7%

73

81

11.0%

574

258

-55.1%

Toronto

77

18

-76.6%

1,083

668

-38.3%

1,160

686

-40.9%

York

825

328

-60.2%

107

81

-24.3%

932

409

-56.1%

GTA

2,000

936

-53.2%

1,293

861

-33.4%

3,293

1,797

-45.4%

Jan-August

11,381

11,153

-2.0%

6,835

12,193

78.4%

18,216

23,346

28.2%

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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