New high-rise condo sales up 66 per cent in September

    TORONTO, Oct. 23 /CNW/ - New home and condominium sales in the Greater
Toronto Area spiked 30 per cent in September driven by a whopping 66 per cent
increase in high-rise condominium suite sales, Bob Finnigan, president of the
Building Industry and Land Development Association (BILD), revealed today.
    According to RealNet Canada Inc., BILD's official, independent source of
new home market data, there were nearly 4,000 new homes and condos sold in
September, with six in ten of those being high-rise condos.
    "It's getting to sound like a bit of a broken record but the condo market
is THE market story of 2007," said Finnigan, adding that sales of newly built
condominiums are up 31 per cent through the first nine months of the year.
    "We're well on track to smash all condo sales records in 2007. In a
positive sense, home buyers are responding to the outstanding design,
amenities and tremendous overall value offered in the condo market. Sales are
up substantially, but price increases have remained very moderate in response
to the good supply and competitive market."
    "However, some home buyers are backing into the condo market based on the
rising price of low-rise (single-detached, semi-detached and town-home) homes,
an outcome of rapidly rising low-rise land prices in the Greater Toronto
Area," Finnigan stated.-------------------------------------------------------------------------
                Low Rise             High Rise               Total
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    Region    2006   2007           2006   2007           2006   2007
    -------------------------------------------------------------------------
    Durham     259    243   -6.2%     38     17  -55.3%    297    260  -12.5%
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    Halton     393    239  -39.2%      5      4  -20.0%    398    243  -38.9%
    -------------------------------------------------------------------------
    Peel       376    325  -13.6%    125    252  101.6%    501    577   15.2%
    -------------------------------------------------------------------------
    Toronto     81    138   70.4%    813  1,842  126.6%    894  1,980  121.5%
    -------------------------------------------------------------------------
    York       493    644   30.6%    400    175  -56.3%    893    819   -8.3%
    -------------------------------------------------------------------------
    GTA      1,602  1,589   -0.8%  1,381  2,290   65.8%  2,983  3,879   30.0%
    -------------------------------------------------------------------------
    Source: RealNet Canada Inc.

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