September 24 - New condo sales up again in August

September 24, 2007

New condo sales up again in August

Toronto, On - The hottest summer ever for new home sales is officially in the books with more than 13,000 new homes and condos sold across the Greater Toronto Area in the June/July/August period, Bob Finnigan, president of the Building Industry and Land Development Association said today on the release of the latest monthly statistics.

According to RealNet Canada Inc., low-rise (single-detached, semi-detached, town-homes) sales were off 12 per cent from last August while high-rise (condominium suites and lofts) sales were up yet again, by 5 per cent compared with August, 2006, resulting in total August sales being just 4.8 per cent less than in 2006.

"Following 33 and 59 per cent increases in June and July respectively, new home buying activity moderated in August, but the 2,848 new homes sales still put a healthy point on an unprecedented summer surge," Finnigan said.

Finnigan revealed that year- to-date new home sales are up 15 per cent compared with 2006, with low-rise sales up 5 per cent and high-rise sales up an impressive 25 per cent.

"What's most interesting about the sales statistics is the fact that through the first eight months of 2007, high-rise sales have accounted for 49 per cent of total sales. If the sales trends hold, this could be the first year that high-rise sales out-strip low-rise sales," Finnigan said. "Obviously, high-rise living is appealing to a lot of people and they are taking advantage of the multitude of choices available to them," he added.
 

  Low Rise   High Rise   Total  
Region 2006 2007 % Change 2006 2007 % Change 2006 2007 % Change
Durham 270 228 -15.6% 18 39 116.7% 288 267 -7.3%
Halton 342 293 -14.3% 3 11 266.7% 345 304 -11.9%
Peel 478 421 -11.9% 351 125 -64.4% 829 546 -34.1%
Toronto 87 77 -11.5% 823 1,066 29.5% 910 1,143 25.6%
York 529 478 -9.6% 92 110 19.6% 621 588 -5.3%
GTA 1,706 1,497 -12.3% 1,287 1,351 5.0% 2,993 2,848 -4.8%

Source: RealNet Canada Inc.

 

Cynthia Malagerio                                                  

Manager of Communications                                         

416-391-3450 or 416-951-4081                                                   

communications@bildgta.ca                                                     

 

Stephen Dupuis

Chief Executive Officer

416-391-3453 or 416-948-8654   

sdupuis@bildgta.ca